Oil rises 6.5% to highest level in two weeks amid US-Iran stalemate

Oil prices surged by more than 6%, with Brent crude rising to $78.95 per barrel and West Texas Intermediate reaching $75.07. This increase is attributed to escalating geopolitical tensions and market fears of supply disruptions, following U.S. President Donald Trump's announcement that the memorandum of understanding with Iran has ended and that he no longer wishes to engage with Tehran. This development has heightened concerns about renewed tensions in the region and their impact on global energy markets.

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