Story
Trump Declares Iran Ceasefire 'Over' Amid Renewed Hostilities, Spurring Oil Price Jump
Summary
President Donald Trump announced an end to a month-old ceasefire with Iran, though he said talks would continue after a week of escalating military exchanges in the Gulf. The renewed tensions have pushed crude oil prices to their largest weekly gain in eight weeks.
President Donald Trump said a ceasefire with Iran reached last month is now “OVER,” although he confirmed that talks between the two nations would continue, according to a post on his Truth Social platform. The declaration follows a week of renewed hostilities in the Gulf that has roiled energy markets and heightened fears of a wider conflict.
Diplomatic and Military Escalation
Trump’s announcement on Friday came after a series of military exchanges, including attacks on three Qatari and Saudi commercial tankers, which prompted U.S. strikes on Iranian sites and retaliatory Iranian strikes on U.S. military installations in the region. “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 Trump's characterization, reporting that Tehran had not requested talks but had agreed to host a Qatari mediator to de-escalate tensions. Separately, Trump issued a stark warning, stating he had ordered the U.S. military to be prepared for strikes if Iran attempted to assassinate him, a threat he said was based on intelligence shared by Israel, as reported by The Wall Street Journal and other U.S. media.
Focus on Strait of Hormuz
The strategic Strait of Hormuz, a critical chokepoint for global energy supplies, remains a central point of contention. Before the conflict, the waterway carried approximately one-fifth of global oil supplies. The U.S. is now demanding that Iran publicly guarantee an end to attacks on shipping and ensure all lanes remain open, senior U.S. officials said Friday.
AdRegional diplomatic efforts are underway to calm the situation. A source familiar with the matter told Reuters that Qatari negotiators were in Iran on Friday, and Iran's semi-official ISNA news agency reported that Foreign Minister Abbas Araqchi would visit Oman to discuss safe passage for ships.
Market Impact and Human Cost
The breakdown of the ceasefire has had a direct impact on commodity markets. Crude oil prices posted their biggest weekly rise in eight weeks as traders priced in the increased risk to supply chains in the Middle East. The conflict, now in its fifth month, has already throttled energy supplies and raised concerns about a potential global economic downturn.
The human toll of the latest escalation is also becoming clear. Iran’s Health Ministry said that U.S. strikes on six Iranian cities on Wednesday and Thursday killed at least 17 people and wounded 115, according to the head of its public relations center.