Crude oil prices surged more than 6% to a two-week high on Wednesday after President Donald Trump declared that the interim ceasefire deal to end the war with Iran was over.
The price jump follows a series of strikes exchanged between the two countries after attacks targeted three oil tankers near the Strait of Hormuz. Fresh US military strikes have renewed concerns regarding the stability of oil supplies and crude shipments through the strategic waterway.
At the same time, US equity futures fell as investors turned risk averse. The end of the tentative ceasefire has fueled concerns over a renewal in fighting and renewed Middle East conflict.