Trump Declares Iran Ceasefire 'Over' But Says Talks to Continue, Roiling Oil Markets

President Donald Trump declared on Friday that a month-old ceasefire with Iran is “OVER!,” injecting fresh uncertainty into Middle East tensions even as he said the United States had agreed to continue talks. The announcement follows a week of escalating conflict in the critical Strait of Hormuz that has rattled global energy markets.

In a post on his Truth Social platform, Trump stated that Iran had requested a continuation of dialogue. "We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!" he wrote.

Diplomatic Discord

Tehran disputed the characterization of events, with Iran's Foreign Ministry spokesperson stating via state television that the country had not requested talks with Washington. Instead, Iran said it had agreed to host a Qatari mediator to help de-escalate the situation, a detail confirmed to Reuters by a source with knowledge of the matter.

According to senior U.S. officials, Washington is demanding that Iran publicly guarantee the safe passage of all ships through the Strait of Hormuz. The demand follows attacks on three Qatari and Saudi commercial tankers, which prompted retaliatory U.S. strikes on Iranian military sites. Iran, in turn, launched strikes on U.S. military sites in nearby Gulf states.

Market Impact

The renewed hostilities have had a direct impact on commodity prices, pushing crude oil to its biggest weekly rise in eight weeks. The conflict disrupts traffic through the Strait of Hormuz, a vital waterway that handled about a fifth of global oil shipments before the war began on February 28.

Ad

In the U.S., the turmoil is affecting fuel supplies ahead of peak demand seasons. According to the Energy Information Administration (EIA):

• U.S. gasoline inventories fell by 1.9 million barrels last week.
• National gasoline stocks are now nearly 10 million barrels below the five-year average for this time of year.

Context of the Conflict

The recent exchange of fire marks a significant escalation in a conflict that has been ongoing for over four months. U.S. strikes in Iran on Wednesday and Thursday resulted in at least 17 fatalities and 115 injuries, according to Iran’s Health Ministry.

Regional diplomatic efforts are underway to salvage a more permanent resolution. In addition to Qatar's mediation, Iran's Foreign Minister Abbas Araqchi is reportedly set to visit Oman to discuss arrangements for safe maritime passage.