World oil prices soared more than five percent Wednesday after US President Donald Trump said the ceasefire with Iran was over, following fresh strikes in the Middle East. The international benchmark Brent North Sea crude jumped 5.3 percent to $78.09 a barrel, while the main US contract, West Texas Intermediate, advanced 5.4 percent to $74.23 a barrel. The US has launched extensive strikes on Iran following attacks on ships in the Strait of Hormuz, triggering a wave of reprisals against American bases in the Gulf.

President Donald Trump said Wednesday the ceasefire with Iran was over, calling Tehran "sick" after Washington launched strikes on the Islamic Republic and Iran said it targeted US bases in the Gulf. "As far as I'm concerned, it's over," Trump said at a NATO summit in Ankara when asked if the truce with Iran was now finished. "It's just a waste of time dealing with them. US President Donald Trump said he was very upset with NATO as he met with the military alliance's chief Mark Rutte at the opening of a key summit in Ankara. 

"I'm very upset with NATO," he told reporters. "I'm not happy with NATO because of what they did with Greenland, and I'm not happy with NATO because of the fact that they didn't want to help us with the number one state sponsor of terror, that's Iran. They were unwilling to help us." Trump says will 'cut off all trade with Spain' over NATO rowUS President Donald Trump threatened Wednesday to halt all trade with Spain amid a bitter row over Madrid's defence spending and failure to help Washington with the Iran war.

Credit: Independent News Pakistan (INP)