The prices of Brent and West Texas Intermediate crude oil continued to rise after Donald Trump, the U.S. president, said that the memorandum of understanding with the Islamic Republic for ending the war “is over,” increasing by more than four percent. Brent reached about $77 per barrel and West Texas Intermediate about $73. The upward trend in oil prices had begun after the Islamic Republic’s attack on ships in the Strait of Hormuz and the United States’ action against the positions of the Revolutionary Guards. This comes while oil prices had previously fallen after the signing of a temporary agreement and hopes for the stable reopening of the Strait of Hormuz. Trump’s new remarks further reinforced concerns about disruption to energy supplies and shipping security in Hormuz.