Speaking to reporters during the NATO summit in Ankara, Türkiye, President Trump stated that the understanding with Iran had come to an end, describing any further negotiations as "a waste of time." Following his remarks, international oil markets reacted immediately, with benchmark crude prices posting significant gains.

The price of Murban crude, the United Arab Emirates  flagship oil grade, jumped by $4.26, reaching $73.22 per barrel. Meanwhile, Brent crude, the global benchmark, climbed $4.48 to $78.64 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.41, settling at $74.85 per barrel.

Market analysts said the surge reflected growing fears that renewed military tensions between the United States and Iran could disrupt global energy supplies and push oil prices even higher. The announcement came after reports of overnight missile and drone strikes exchanged between the two countries, intensifying concerns that the conflict could escalate further.

The geopolitical uncertainty sent shockwaves through global stock markets. European equities fell by approximately 1.6%, as investors shifted away from riskier assets amid fears of prolonged instability in the Middle East.

At the same time, the U.S. dollar strengthened, while demand for government bonds increased, signaling a classic flight to safe-haven assets as investors sought protection from growing market volatility.

Economic experts warned that sustained increases in oil prices could have widespread consequences for the global economy. Higher energy costs typically translate into increased transportation and manufacturing expenses, which often lead to higher prices for consumer goods and services, placing additional pressure on inflation worldwide.

Addressing journalists in Ankara, President Trump reiterated that pursuing any new agreement with Iran would serve no purpose, declaring that the previous understanding was effectively finished.

Analysts believe that if hostilities between Washington and Tehran intensify further, global energy markets could remain under significant pressure, with oil prices and inflation continuing to rise in the weeks ahead.