Oil prices soared after the United States launched strikes against Iran and President Donald Trump declared the ceasefire “over.”

After U.S. Central Command announced new strikes against Iran, Brent Crude jumped over 3.2% to $76.48-$76.54 per barrel. U.S. benchmark West Texas Intermediate similarly jumped 3.2% to around $72.72 per barrel. The situation worsened after Trump declared the ceasefire with Iran “over” while speaking at the NATO Summit in Ankara, Turkey, sending Brent above $78 per barrel and WTI to around $74.50 per barrel.