Oil prices jump 6% as Trump says ceasefire with Iran ‘over’

Oil prices surged nearly 6% on Wednesday after President Donald Trump declared the US-Iran ceasefire “over,” heightening fears of renewed conflict and supply disruptions in the Middle East. Brent crude rose 5.95% to $78.50 per barrel, while WTI climbed 5.95% to $74.60 as of 0837GMT.

Trump’s remarks and escalation

“For me, I think it’s over,” Trump said in Ankara, sitting alongside NATO Secretary General Mark Rutte at the alliance’s summit. “As far as I’m concerned, it’s just a waste of time.” The remarks came after the US launched fresh strikes against Iran and revoked a waiver that had allowed Iranian oil sales. The moves followed attacks on commercial vessels in the Strait of Hormuz, heightening fears that renewed hostilities could threaten Gulf crude and fuel flows.

Harsh words on Iran

Trump used harsh language against Iranian leaders, saying: “I don’t want to deal with them, but they’re scum.” When asked whether negotiations would resume, he said Iran “can talk” but was “wasting their time.” The tentative US-Iran understanding reached in June included an end to attacks on commercial shipping and a waiver allowing Iranian oil sales, while opening a 60-day negotiation period for a broader peace deal.