Geneva: Oil prices jumped 5 percent on Wednesday amid fears of renewed escalation in the region, following statements by US President Donald Trump that he would not like to extend the ceasefire with Iran. Brent crude futures rose $4.30, or 4.5 percent, to $99.78. Meanwhile, US West Texas Intermediate crude climbed $4.75, or 5.3 percent, to $94.36.

According to Qatar News Agency, the surge in oil prices is largely attributed to concerns over potential instability in the region as the ceasefire agreement with Iran remains uncertain. The market reaction reflects the anxiety of investors and traders about possible disruptions in oil supply, which could arise from a breakdown in diplomatic relations and potential military confrontations.

The statements by President Trump have created apprehension about the future of regional peace and stability, influencing oil markets worldwide. As traders brace for possible fluctuations in supply, the prices of crude oil have responded with significant increases, indicating the sensitivity of global markets to geopolitical developments.