Trump says Iran ceasefire is effectively finished

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U.S. Iran tensions rise

Highlights

Trump said the U.S. ceasefire with Iran is effectively over.
The U.S. struck Iran after attacks on three ships in the Strait of Hormuz.
Washington revoked a waiver that had allowed Iranian oil sales.
Talks may continue, but the interim deal is now under its most serious pressure.

Speaking Wednesday in Ankara alongside NATO Secretary General Mark Rutte, Trump said the interim agreement had become a waste of time and signaled little confidence in the current talks, Bloomberg reports. The remarks followed U.S. strikes carried out in response to attacks on three commercial ships in the Strait of Hormuz, one of the world’s most important energy routes. Trump stressed that talks could still continue despite the end of the temporary agreement.

Ceasefire under severe strain

The latest escalation threatens a fragile arrangement that had halted direct fighting and created a 60-day window for negotiations on a broader deal. The agreement included safe passage for vessels through Hormuz and a U.S. waiver that allowed Iran to sell oil.

Both elements are now under pressure. Washington blamed Iran for attacks on ships moving through the strait, while Tehran said the U.S. strikes and the withdrawal of the oil waiver violated the agreement. The dispute has left diplomacy in a weak position, even as U.S. officials say negotiators may keep working toward a final accord.

Talks are also delayed by funeral ceremonies for Iran’s late Supreme Leader Ali Khamenei, who was killed earlier in the conflict. Qatar has said the next meeting would be scheduled after the ceremonies.

Oil and politics collide

The Strait of Hormuz remains the central risk point. Iran has repeatedly claimed authority over traffic through the waterway, while the U.S. has treated attacks on commercial shipping as a direct challenge to the ceasefire.

Higher energy prices also create a political problem for Trump. Oil had eased from earlier wartime highs near $125 a barrel as markets priced in some recovery in supply and shipping flows. The latest escalation reversed that calm.

Energy markets now face a sharper shock

The stakes are high because Hormuz is a core artery for global energy trade. Any disruption can raise shipping costs, delay cargoes and feed into inflation through fuel prices. That would complicate both market expectations and Trump’s promise that the end of hostilities would bring relief at the pump.

The oil market reacted immediately. WTI crude rose 3.86% to $74.98 a barrel, while Brent climbed 3.78% to $78.80, according to the latest market data.

We have previously highlighted that U.S. stock futures slip as Iran tensions lift oil prices.

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