Trump Declares Iran Ceasefire 'Over' Amid Renewed Talks and Gulf Tensions

U.S. President Donald Trump on Friday declared that a ceasefire with Iran reached last month was "OVER," even as he confirmed that both nations have agreed to continue diplomatic talks. The announcement, made on his Truth Social platform, injects significant uncertainty into a volatile situation following a week of escalating military exchanges in the Persian Gulf.

Diplomatic Maneuvering

In his social media post, Trump stated, "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!" However, Iran disputed this characterization, with its Foreign Ministry spokesperson telling state television that Tehran had not requested talks but had agreed to host a Qatari mediator, according to Reuters.

Regional mediators are actively seeking to de-escalate the situation. A source familiar with the matter told Reuters that Qatari negotiators were in Tehran on Friday. Meanwhile, senior U.S. officials said Washington is demanding that Iran publicly commit to ending attacks on commercial shipping in the vital Strait of Hormuz.

Market Impact of Gulf Hostilities

The renewed conflict has had a direct impact on global energy markets, a sensitive issue ahead of U.S. congressional elections. Crude oil prices experienced their biggest weekly rise in eight weeks as traders priced in higher geopolitical risk to supplies transiting through the Strait of Hormuz, a chokepoint for about a fifth of the world's oil and liquefied natural gas shipments before the war began.

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In the U.S., the supply situation is tightening. The Energy Information Administration (EIA) reported that gasoline inventories fell by 1.9 million barrels last week. This drop leaves stockpiles nearly 10 million barrels below the five-year average for this time of year, signaling pressure on consumer fuel prices.

Background on Recent Escalation

Trump's declaration follows a series of tit-for-tat military actions. The latest round of hostilities began after three Qatari and Saudi commercial tankers came under fire. The U.S. responded by striking Iranian military sites. Iran then retaliated with strikes on U.S. military facilities in nearby Gulf states.

According to Iran’s Health Ministry, the U.S. strikes on Wednesday and Thursday resulted in at least 17 fatalities and left 115 people wounded across six Iranian cities. The conflict, which began with U.S.-Israeli strikes on February 28, has throttled energy supplies and heightened fears of a broader economic downturn.