Trump Declares Iran Ceasefire 'OVER' Amid Renewed Gulf Hostilities, Spiking Oil Prices

Former U.S. President Donald Trump said on Friday that a month-old ceasefire with Iran was "OVER!" but that the two nations had agreed to continue diplomatic talks. The declaration, made on his Truth Social platform, follows a significant escalation in hostilities this week in the vital Strait of Hormuz, raising fresh concerns for global energy markets.

Hostilities Resume, Talks Continue

The announcement came after a week of renewed conflict that saw three Qatari and Saudi commercial tankers attacked, prompting U.S. retaliatory strikes on Iranian sites and subsequent Iranian attacks on U.S. military positions in the Gulf. According to Iran’s Health Ministry, the U.S. strikes killed at least 17 people and wounded 115.

"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!" Trump posted. Iranian state television disputed this characterization, stating it had not requested talks but had agreed to host a Qatari mediator, according to Reuters. A source familiar with the matter confirmed to Reuters that Qatari negotiators were in Iran on Friday to de-escalate tensions.

Oil Markets on Edge Over Strait of Hormuz

The renewed conflict has injected a significant geopolitical risk premium into energy markets. Crude oil prices posted their biggest weekly rise in eight weeks as traders priced in the growing threat to supplies transiting through the Strait of Hormuz, a chokepoint that carried about one-fifth of global oil supplies before the war began on February 28.

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Senior U.S. officials said Friday that Washington is demanding Iran publicly guarantee it will cease attacks on shipping and ensure all lanes in the strait remain open. In a related diplomatic effort, Iranian Foreign Minister Abbas Araqchi is set to visit Oman to discuss arrangements for safe passage, according to the semi-official ISNA news agency.

Escalating Rhetoric

Trump accompanied his ceasefire declaration with stark warnings, referencing intelligence reports that Iran had planned to assassinate him. He posted that "1000 Missiles are Locked and Loaded" and that he had authorized the U.S. military to "completely decimate and destroy all areas of Iran" should Tehran act on its threats.

Despite the heated rhetoric, U.S. officials told Reuters that conversations between the two countries had been productive in recent days. The previous interim deal was intended to end the five-month conflict, which has disrupted global energy supplies and heightened fears of a broader economic downturn.