Story
Trump Declares Iran Ceasefire 'Over' but Says Talks to Continue Amid Gulf Tensions
Summary
President Donald Trump announced an end to last month's ceasefire with Iran following a week of renewed military hostilities, though he stated that diplomatic talks would proceed. The escalation has pushed crude oil prices to their largest weekly gain in eight weeks.
President Donald Trump said on Friday that a ceasefire with Iran reached last month is "OVER!" but that the two nations have agreed to continue talks, according to a post on his Truth Social platform. The announcement follows a sharp escalation in hostilities this week that has rattled global energy markets.
Renewed Hostilities
The declaration caps a week of renewed conflict that saw three Qatari and Saudi commercial tankers come under fire in the Gulf. According to Reuters, the U.S. responded with strikes on Iranian sites, which in turn prompted Iranian strikes on U.S. military positions in the region.
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!" Iranian state television, however, disputed this account, reporting that Iran had not requested talks but had agreed to host a Qatari mediator.
Diplomatic Efforts and Demands
Despite the heightened rhetoric, diplomatic channels appear to remain active. A source told Reuters that Qatari negotiators were in Iran on Friday to de-escalate tensions. The U.S. has also intensified its demands, with senior officials stating that Iran must publicly commit to halting attacks on shipping in the Strait of Hormuz.
AdWashington is insisting on the safe and open passage of all vessels through the vital waterway, which handled approximately one-fifth of global oil supplies before the conflict began. The conflict, which started on February 28 with U.S.-Israeli strikes on Iran, is now in its fifth month.
Market Impact
The renewed fighting in the Gulf has had a direct impact on commodity prices, a sensitive issue for the U.S. administration. Key takeaways include:
- Crude oil prices posted their biggest weekly rise in eight weeks as geopolitical risk surged.
- The conflict has throttled energy supplies and heightened fears of a broader global economic downturn.
- Iran's Health Ministry reported that U.S. strikes on Wednesday and Thursday killed 17 people and wounded 115, according to Reuters.