Global Economy
Oil Prices Surge as Trump Declares Iran Ceasefire Over
Global oil benchmarks jumped sharply on Wednesday after President Donald Trump said the cease‑fire with Iran was over, following a series of attacks on merchant ships in the Strait of Hormuz. Brent crude rose 6.45 % to $78.94 per barrel and U.S. WTI gained 6.49 % to $75.01, marking the highest levels in two weeks and signaling fresh upward pressure on oil markets.
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Oil Prices Spike After Trump Declares End to Iran Ceasefire
On Wednesday, global oil benchmarks jumped sharply following President Donald Trump’s statement in Ankara that the cease‑fire with Iran was “over”. The comments came after a series of attacks on commercial vessels in the Strait of Hormuz and a subsequent U.S. “powerful strike” against Iranian targets.
At 09:15 GMT, Brent crude for September delivery surged 6.45 % to $78.94 per barrel, while the U.S. West Texas Intermediate (WTI) for August delivery rose 6.49 % to $75.01. Both prices were at their highest levels in two weeks.
Trump told reporters that “the cease‑fire is over… they are liars”, labeling Iran a “sick” nation. He added that negotiations would continue, hinting that the president wants to keep talks alive for electoral reasons, especially after touting low fuel prices during his campaign.
John Plassard, analyst at Cité Gestion, told AFP that the price move reflects a “pause” in the cease‑fire rather than its full termination, and that the president’s rhetoric is intended to increase pressure on Tehran.
According to the UK Maritime Trade Operations (UKMTO), three ships were struck in the Strait of Hormuz in the previous 24 hours, with Qatar and Saudi Arabia blaming Iran for two of the incidents. The U.S. military responded with strikes on more than 80 Iranian targets, including air‑defence systems, prompting Tehran to retaliate against U.S. bases in Kuwait and Bahrain.
Washington also reinstated economic sanctions on Iranian oil. The original cease‑fire agreement, signed on 17 June, was meant to end the conflict that began on 28 February after a joint U.S.–Israeli offensive, reopen the Hormuz shipping lane, and lift U.S. sanctions on Iranian crude.