Oil prices jump 5 percent after Trump says Iran ceasefire over

International benchmark Brent North Sea crude jumped 5.3 percent to $78.09 a barrel, while the main US contract, West Texas Intermediate, advanced 5.4 percent to $74.23 a barrel.

The US has launched extensive strikes on Iran following attacks on ships in the Strait of Hormuz, triggering a wave of reprisals against American bases in the Gulf.