Oil prices rose more than 4% after the end of the ceasefire agreement between the US and Iran.

The August contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) closed this Wednesday (8) with a significant increase of 4.37%, quoted at US$ 73.52/barrel. The September contract of Brent advanced 5.20% in Intercontinental Exchange (ICE), trading at US$78.02/barrel. Both contracts closed at their highest level since June 22nd. 

In this trading session, fuel contracts were boosted by the market's reaction to US President Donald Trump's statement that the interim agreement with Iran was over. 

During the summit of North Atlantic Treaty Organization (NATO)The president reaffirmed that attacks on the Persian country should be resumed. In response, the Iranian government announced that it will block the Strait of Hormuz and intensify bombings against enemy targets. 

By limiting further losses, the stored volume of oil in the United States Oil production increased by 2.998 million barrels in the week ending July 3, to 411.4 million barrels, contrary to market projections of a 1.9 million barrel decline.

This text was translated by machine from Brazilian Portuguese.