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Oil prices rose about 6% after US President Donald Trump said the ceasefire between the US and Iran was "over." The statement added to concerns about a new escalation of tensions in the Middle East.
U.S. West Texas Intermediate (WTI) crude futures for August delivery rose 6.38% to $74.90 a barrel. Brent crude for September delivery rose 6.10% to $78.60 a barrel.
Ortus Advisors analyst Andrew Jackson said Tehran has little incentive to reach an immediate deal, believing its negotiating position with Trump could strengthen as the US midterm elections in November approach. He said the latest attacks coincided with the funeral ceremonies for Iran's former supreme leader, Ali Khamenei.
Jackson also warned that rising oil prices and U.S. bond yields increase the likelihood that the U.S. Federal Reserve (Fed) will maintain a tighter monetary policy for a longer period. According to him, inflationary pressures may prove more persistent than expected.
In this context, the yield on the 10-year US Treasury bond rose by two basis points, reaching 4.549%.
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