Crude oil prices surged nearly 6% after U.S. President Donald Trump declared the interim ceasefire with Iran “over” at a NATO summit in Ankara, Turkey on Wednesday, signaling a sharp reversal in Middle East tensions that had begun to ease earlier this year. West Texas Intermediate futures rose 5.69% to $74.45 per barrel, while Brent crude, the international benchmark, jumped 5.85% to $78.50 per barrel, according to CNBC.
During a joint press conference with NATO Secretary General Mark Rutte, Trump said of the ceasefire: “To me, I think it’s over. I don’t want to deal with them anymore … as far as I’m concerned, it’s over.” He added that Washington’s delegation wanted to negotiate a peace deal, but that he saw it as “a waste of time dealing with” the Iranian side, according to CNBC.
Trump’s comments came after the U.S. military conducted fresh strikes against Iran in retaliation for three commercial vessels transiting the Strait of Hormuz coming under attack on Tuesday. The U.S. Central Command said the “strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz. Iran’s demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire,” according to CNBC.
The escalation prompted the U.S. Treasury Department to revoke a waiver that had allowed Iran to sell its oil. A U.S. official told CNBC: “Iran will only reap benefits if they exhibit good behavior. Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences.”
The Strait of Hormuz, through which roughly a quarter of global seaborne oil trade passes, had been reopened for commercial shipping after the U.S. and Iran reached an interim agreement last month. A ceasefire reached between the two sides in April had initially sent oil prices tumbling, illustrating the sharp market sensitivity to geopolitical shifts in the region.
When Peace Broke Out: April’s Opposite Reaction
When the U.S. and Iran announced their first two-week ceasefire on April 7, 2026, crude oil prices plunged over 13% to $95 per barrel, according to reporting by CBS Mornings and Expana Markets. That announcement sparked relief across global markets, with investors betting that the end of military conflict would ease supply concerns and restore oil flow through critical shipping lanes.
The April ceasefire proved temporary, with multiple extensions negotiated over the following months. The most recent agreement, signed by Trump and Vice President JD Vance in mid-June, extended the ceasefire for 60 days and included a 14-point framework for further negotiations. Yet the latest escalation—marked by Iranian attacks on commercial shipping and Trump’s public declaration that the deal is finished—reverses those gains for oil consumers and energy markets.
Brent crude rose to $78.96 USD per barrel on July 8, 2026, up 6.47% from the previous day, according to Trading Economics. The surge reflects investor concerns that the breakdown of the ceasefire could disrupt the Strait of Hormuz once again, raising the risk premium on crude supplies from the Middle East.
Sources
- CNBC — Trump’s statement at NATO summit, oil price moves, U.S. military strikes, Treasury waiver revocation, and official comments on Iranian behavior
- Trading Economics — Brent crude price at $78.96 USD/Bbl on July 8, 2026, up 6.47% from previous day
- CBS Mornings / Facebook — April 2026 ceasefire announcement and 13% oil price plunge to $95
- Expana Markets — Brent prices fell to $94.75/barrel on April 8, down 6.4% week-over-week following ceasefire announcement
