Oil jumps over 6% as Trump declares Iran ceasefire, MoU effectively over

Oil prices surged over 6% after US President Trump declared the ceasefire and memorandum of understanding with Iran effectively over and reinstated sanctions on Iranian crude. Brent crude's September contract rose 6.18% to $78.74 per barrel, while WTI gained 6.40% to $74.95. India, which imports about 90% of its crude needs with 20-25% passing through the Strait of Hormuz, faces risks of higher inflation, wider current account deficit, and rupee pressure, along with potential margin squeeze for oil marketing companies.