Trump's Decision to End Iran Talks Boosts Brent Oil Price by Over 6 Percent

The price of Brent crude oil rose by more than 6 percent following US President Donald Trump's announcement that negotiations with Iran have ended and the US administration's cancellation of a general license allowing the sale of Iranian oil. The Brent crude oil price rose by approximately 6.3 percent to $78.86. At the same time, the West Texas Intermediate (WTI) crude oil price was trading at $74.95. Trump stated, 'The issue is closed for me. I no longer want to make a deal with them.' The US administration canceled a general license allowing the sale of Iranian oil following attacks on oil tankers in the Strait of Hormuz. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that a transition period until July 17 would be allowed for the completion of transactions under the canceled license.