Oil prices have surged more than 6% after U.S. President Donald Trump said the interim agreement with Iran is “over,” though he will allow talks to continue.

CNBC's Pippa Stevens reports on why oil prices are rising after the U.S. Treasury Department revoked its authorization of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz this week.

Oil prices rose, and stock markets dropped in shaky trading worldwide after President Donald Trump raised doubts about the temporary truce in the war with Iran. The S&P 500 fell 0.3% Wednesday after sinking as much as 1.

With the U.S.-Iran truce seeming to fall apart, crude oil prices were on the rise, an indication that gasoline prices likely will follow suit.

Brent crude dips slightly below $78 a barrel; most Asian stock markets bounce back

Tech futures rose overnight after Nvidia, Dell and other AI stocks bounced and SpaceX hit a new low. Oil prices kept rising on Iran news.

Seven countries in the OPEC+ alliance agreed to lift their combined oil output by a modest 188,000 barrels per day in August, adding supply just as crude prices slide back to levels not seen since before the Iran war erupted.