Washington D.C., July 8 -- Global crude oil prices surged more than 5 per cent on Wednesday after the US launched fresh strikes on Iran in retaliation for Tehran striking commercial vessels in the Strait of Hormuz.

"Strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz. Iran's demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire," the U.S. Central Command said in a post on X.

Speaking to reporters in Ankara during a press conference at the NATO summit, US President Trump called off the interim peace deal with Iran and said that he doesn't want to deal with the Iranians anymore. The president described the Iranian leadership as 'scum'.

The U...