Oil prices jump to more than $78 a barrel as Trump says ceasefire with Iran is 'over'

Oil prices surged nearly 6% after US President Trump declared the interim ceasefire with Iran is over, though he will allow talks to continue. Brent crude jumped 5.6% to above $78 a barrel and US benchmark crude surged 5.8% to $74.55, following US strikes on Iran in retaliation for attacks on three ships in the Strait of Hormuz. Global equity markets sold off on the geopolitical escalation and ongoing AI-related share weakness, with India's Sensex losing 0.7% and South Korea's Kospi sliding 5.4%.