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Oil prices resumed their upward surge after Donald Trump ordered fresh overnight missile strikes on Iran.<\/p>\n
Brent crude was trading as much as 7% higher at $78.89 and government borrowing costs rose sharply after the President dismissed the recently signed memorandum of understanding as a \u201cwaste of time.\u201d<\/p>\n
The ceasefire had seen the price of oil fall back and helped encourage expectations of a return to stability of supplies. <\/p>\n
That changed after Iran attacked three commercial vessels transiting the Strait of Hormuz on\u00a0Tuesday, prompting retaliatory attacks by the United States.<\/p>\n
Speaking at the\u00a0Nato\u00a0summit in Ankara, Turkiye, the president said of the Iranian regime: \u201cIt\u2019s just a waste of time dealing with them, they\u2019re liars.<\/p>\n
\u201cI don\u2019t want to deal with them any more, they\u2019re scum. You know what scum is? They\u2019re scum. They\u2019re sick people. They\u2019re led by sick people. And they\u2019re vicious, violent people. And if they had a nuclear weapon, they\u2019d use it. As far as I\u2019m concerned, it\u2019s over.\u201d<\/p>\n
On the prospect for the negotiations, he said: \u201cThey can talk, but I think they\u2019re wasting their time.\u201d<\/p>\n
The yield on the benchmark ten-year UK government bond increased 0.11 percentage points to 4.97%. The pound fell 0.14% against the dollar to $1.33 before stabilising and rose 0.15% against the euro to \u20ac1.17.\u00a0<\/p>\n
European stock markets fell. The FTSE 100 index was 1.7% lower and the mid-cap FTSE 250 index dipped by 1.5%. Germany\u2019s Dax index fell 2.23% and France\u2019s Cac 40 lost 2.18%.<\/p>\n
All three of Wall Street\u2019s main stock indices opened sharply lower but by the close of the mid-week session in New York, the tech-heavy Nasdaq closed marginally higher with a gain of 0.2% while the S&P 500 shed 0.7%. The Dow Jones industrial average was 1.1% lower.<\/p>\n
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