U.S. oil futures rise after Trump says Iran ceasefire ended

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U.S. oil futures jumped about 7% to more than $75 a barrel after President Trump said he believed the ceasefire with Iran was over and vowed to continue bombing. The rally was described as one of the best days of the year for U.S. oil futures and followed reports that tanker traffic through the Strait of Hormuz had been on the upswing, prompting energy traders to factor in shipping and supply risks. The immediate consequence is greater energy price volatility and potential upward pressure on global fuel costs.

U.S. oil futures rose 7% to above $75 a barrel.