Tengrinews.kz — Global oil prices surged following a statement by U.S. President Donald Trump that he no longer considers the truce with Iran to be in effect.
The price of September futures for Brent crude on the London exchange rose from approximately $76 to $78 per barrel within minutes.
WTI August futures climbed 5.3 percent to $74.14.
Earlier, U.S. President Donald Trump announced that he no longer recognizes the ceasefire regime with Iran. Furthermore, the American leader accused the Iranian leadership of lying, claiming that after agreements were reached, Tehran representatives publicly denied the very fact that negotiations took place.
Why this matters for Kazakhstan
Oil and gas industry expert Askar Ismailov previously noted that oil prices directly affect budget revenues, the status of the National Fund, and the tenge exchange rate. Oil market instability heightens risks for the economy. Sharp price fluctuations impact inflation, investment activity, and financial markets. Dependence on oil revenues leaves the country vulnerable to external shocks.
Meanwhile, the 2026–2028 budget is based on key parameters: an oil price of $60 per barrel and an exchange rate of 540 tenge per dollar. These benchmarks are used to calculate export revenues, social payments, and government spending.