Oil and Gas Oil prices jump more than 4% after Trump threatens to bomb Iran again

Oil prices spiked Wednesday, after President Donald Trump threatened to bomb Iran again after declaring the ceasefire with the country over.

West Texas Intermediatefutures were 4.9% higher at $73.89 per barrel. Brent crude, the international benchmark, jumped 5.2% to $78.02 per barrel. Both were off earlier highs over 6%.

During a joint press conference with NATO chief Mark Rutte at the military alliance's summit in Ankara, Turkey, on Wednesday, Trump was asked whether the U.S. ceasefire with Iran was over.