U.S. President Donald Trump said Wednesday that the ceasefire between the United States and Iran was effectively over after fresh fighting erupted around the Strait of Hormuz, sending global oil prices sharply higher and raising concerns over energy supplies through one of the world’s most critical shipping routes.
Speaking on the sidelines of a NATO summit in Turkey, Trump dismissed prospects for a lasting truce despite ongoing diplomatic contacts.
“As far as I’m concerned, it’s over,” Trump said when asked whether the ceasefire remained intact. “I’ll let our wonderful negotiators keep talking if they want, but I don’t see it. I don’t like these people.”
His remarks came after the United States carried out a new wave of strikes against Iranian military targets in response to renewed Iranian attacks on commercial vessels transiting the Strait of Hormuz, a narrow waterway through which roughly one-fifth of global oil supplies pass.
The renewed hostilities have heightened fears of disruptions to crude exports from the Middle East, pushing Brent crude up about 5% on Wednesday to around $77.50 per barrel, its highest level in roughly two weeks.
The conflict intensified after Iran targeted multiple commercial ships in the Strait of Hormuz, prompting Washington to launch strikes on more than 80 Iranian targets, including coastal radar installations, air defence systems and vessels belonging to Iran’s Islamic Revolutionary Guard Corps (IRGC).
U.S. Central Command said the operation was aimed at degrading Iran’s ability to attack international shipping.
Iran responded by claiming it had launched attacks against U.S. military facilities in Kuwait and Bahrain. Authorities in both countries confirmed that air defence systems had been activated but gave no immediate details on damage.
Iranian state media also reported multiple explosions around strategic locations, including Qeshm Island, Sirik, Bandar Abbas and Bushehr, home to the country’s only civilian nuclear power plant.
The latest violence further strains a fragile understanding reached earlier between Washington and Tehran following months of conflict that began after large-scale U.S.-Israeli strikes on Iran in February.
Oil market reacts
While oil prices climbed sharply, analysts say markets are not yet pricing in a return to full-scale regional war.
Brent crude remains well below the highs reached earlier this year, when prices briefly exceeded $120 per barrel, suggesting traders still expect oil exports from the Gulf to continue despite heightened risks.
Research firm Rystad Energy said uncertainty surrounding vessel safety, shipping insurance costs and the possibility of further military retaliation is likely to keep oil markets volatile in the coming weeks.
The company said tanker traffic through the Strait of Hormuz is expected to remain below normal until the security situation becomes clearer.
The military escalation coincided with Washington’s decision to revoke temporary sanctions waivers that had allowed Iran to continue selling crude oil under a memorandum of understanding reached earlier this year.
The U.S. Treasury Department said the waivers had been cancelled after Tehran’s actions in the Strait of Hormuz.
Iran accused Washington of violating previous agreements, with senior negotiator Mohammad Bagher Ghalibaf describing the U.S. actions as “major” breaches of the memorandum of understanding.
Despite the move, energy analysts noted that Iran is still expected to maintain significant oil exports, limiting the immediate impact on global supply.
Higher crude prices could temporarily lift Nigeria’s oil export earnings and government revenues, but they would also push petrol prices higher again.
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