Trump Ends Iran Ceasefire, Says Talks to Continue as Oil Prices Rise

President Donald Trump on Friday declared that a ceasefire with Iran reached last month was "OVER," while also stating that the United States had agreed to continue talks at Tehran's request. The conflicting statements inject fresh uncertainty into a volatile situation that has already seen military exchanges and disruptions to global energy supplies.

Ceasefire Collapses Amid Diplomatic Efforts

In a post on his Truth Social platform, Trump wrote, "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 officials disputed the characterization of the events. Citing Iran's Foreign Ministry spokesperson, state television reported that Tehran had not requested talks with Washington but had agreed to host a Qatari mediator. According to a source who spoke to Reuters, Qatari negotiators were in Tehran on Friday to de-escalate tensions.

These developments occurred at the end of a week marked by escalating conflict, including attacks on three commercial tankers and retaliatory strikes between the U.S. and Iran. U.S. officials are demanding that Iran publicly guarantee safe passage for all ships through the Strait of Hormuz.

Oil Markets on Edge

The renewed hostilities have had a direct impact on energy markets, which are sensitive to instability in the Middle East. The developments contributed to crude oil prices experiencing their largest weekly increase in eight weeks.

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Data from the U.S. Energy Information Administration (EIA) underscored the tightening supply situation:

• 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.

The Strait of Hormuz is a critical chokepoint for global energy, with about a fifth of the world's oil and liquefied natural gas (LNG) shipments passing through the waterway before the conflict began.

Background on the Escalation

The recent flare-up follows attacks on Qatari and Saudi commercial tankers, which Washington blamed on Iranian forces. The U.S. responded with strikes on military sites in Iran, which prompted Tehran to launch its own strikes on U.S. military sites in nearby Gulf states.

According to Iran’s Health Ministry, the U.S. strikes on Wednesday and Thursday resulted in at least 17 deaths and 115 injuries across six Iranian cities. A senior U.S. official stated that Washington is demanding a public statement from Iran ensuring that "all channels of the Strait of Hormuz are open and they’re not shooting at ships anymore."