Trump Declares Iran Ceasefire 'Over,' Adding to Oil Market Jitters

Former U.S. President Donald Trump said on Friday that a ceasefire with Iran was "OVER," though he indicated that diplomatic talks would proceed at Tehran's request. Iran's government disputed the characterization, stating it had not requested direct talks but had agreed to host a Qatari mediator, injecting fresh uncertainty into a volatile geopolitical situation that has roiled energy markets.

Conflicting Diplomatic Accounts

In a post on his Truth Social platform, Trump wrote, "The Islamic Republic of Iran has asked us to continue 'talks.' We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!" According to a report from its state television, Iran's Foreign Ministry spokesperson countered that Tehran had not requested talks with Washington.

Instead, Iranian officials confirmed they were engaging with regional mediators. A source familiar with the matter told Reuters that Qatari negotiators were in Tehran on Friday to discuss de-escalation and safe navigation through the Strait of Hormuz. Separately, Iran's Foreign Minister Abbas Araqchi was slated to visit Oman to discuss similar arrangements, according to the ISNA news agency.

Renewed Hostilities and U.S. Demands

The diplomatic friction follows a week of escalating military conflict. After attacks on three Qatari and Saudi commercial tankers, the U.S. conducted strikes on military sites in Iran. Tehran responded with its own strikes on U.S. military installations in nearby Gulf states.

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U.S. strikes on Wednesday and Thursday in six Iranian cities killed at least 17 people and wounded 115, according to Iran’s Health Ministry. In response to the tanker attacks, senior U.S. officials said Washington is demanding that Iran publicly guarantee that all shipping lanes in the Strait of Hormuz will remain open and that attacks on vessels will cease.

Impact on Energy Markets

The renewed conflict has significant implications for global energy supplies and prices. The Strait of Hormuz handled approximately a fifth of the world's oil and liquefied natural gas shipments before the war began on February 28.

Reflecting the heightened risk, crude oil prices posted their largest weekly increase in eight weeks. The supply squeeze is also being felt by consumers, with the Energy Information Administration (EIA) reporting that U.S. gasoline inventories fell by 1.9 million barrels last week, putting them nearly 10 million barrels below the five-year average for this time of year.