• The United States President, Donald Trump, announced that the June 17 ceasefire with Iran is effectively over
• The announcement follows fresh US and Iranian strikes that have intensified tensions in the Middle East
• Oil prices jumped with Brent crude rising 5.3% to $78.09 per barrel and West Texas Intermediate climbed 5.4% to $74.23 per barrel

A ceasefire that was supposed to calm tensions between the United States and Iran is now facing serious questions.

The United States President, Donald Trump, said on Wednesday, July 8, that, as far as he is concerned, the ceasefire with Iran is “over” following fresh exchanges of fire between US forces and the Islamic Republic.

Speaking at a NATO summit in Ankara, Turkey, Trump launched a blistering attack on Iran’s leadership, accusing Tehran of repeatedly misrepresenting what had been agreed under the ceasefire signed on June 17.

“I think it’s over. I don’t want to deal with them any more, they’re scum,” Trump said when asked whether the truce was finished.

He went further, describing Iran’s leaders as “sick people” and insisting that if they possessed a nuclear weapon, they would use it.

“As far as I’m concerned, it’s over,” he added.

The comments came after Washington carried out overnight strikes on Iran, while Iran’s Revolutionary Guards said they had targeted US military facilities in the Gulf.

Trump also accused Iranian officials of denying discussions around nuclear weapons despite previous negotiations.

“Everyone’s agreed, no nuclear weapon. We make a deal. They go outside, joke to the press, they say we never even talked about it. There’s something wrong with them, they’re cuckoo,” he said.

According to Trump, businessman-turned-negotiator Steve Witkoff and his son-in-law Jared Kushner remain involved in contacts with Iran, but he insisted it is now up to Tehran to return to the negotiating table.

“As far as I’m concerned, it’s just a waste of time dealing with them. They’re liars,” Trump said.

Oil market reacts immediately

The fallout was almost instant in the global energy market.

Oil prices jumped more than five percent after Trump’s remarks and the latest military developments in the Middle East.

International benchmark Brent North Sea crude climbed 5.3 percent to $78.09 per barrel, while US benchmark West Texas Intermediate rose 5.4 percent to $74.23 per barrel.

The gains pushed both major crude contracts to their highest levels in two weeks after they had already posted strong increases a day earlier.

For countries that depend heavily on imported fuel and dollar-priced commodities, every sharp movement in oil prices is closely watched. That is one reason traders across global markets are paying attention to the growing tensions in the Gulf.

Fresh strikes raise fears of a wider conflict

The latest escalation follows extensive US strikes on Iran after attacks on ships in the Strait of Hormuz.

The exchange has triggered a fresh round of reprisals, with US and Iranian forces reporting attacks on dozens of targets.

Washington also revoked a temporary sanctions waiver for Iranian oil and described its latest military action as retaliation for Iranian strikes on three commercial vessels operating near the Strait of Hormuz.

Iranian state media reported explosions around the strategic waterway, while the Revolutionary Guards claimed responsibility for attacks on dozens of US military facilities in Bahrain and Kuwait.

The three vessels were reportedly struck close to Oman.

Oman had proposed a temporary transit corridor running along its coastline to ease shipping concerns, but Tehran opposed the initiative as it seeks to impose fees on vessels using the waterway.

Iran’s foreign ministry, meanwhile, accused the United States of repeatedly violating a memorandum of understanding previously agreed by both sides.

Why the Strait of Hormuz matters

The Strait of Hormuz remains one of the world’s most important shipping routes for oil.

Any disruption there tends to send shockwaves through global energy markets because a significant share of international crude exports passes through the narrow waterway.

Security analyst Andreas Krieg of King’s College London said Iran appears determined to maintain its demand for charging fees on ships using the strait, a position Washington has rejected.

“We are now in a sensitive period where potential alternatives to an Iranian toll or fee system are being explored,” Krieg told AFP.

“Iran is sending a clear signal that no alternative will be accepted.”

For now, the combination of renewed military action, collapsing trust between Washington and Tehran, and uncertainty around the Strait of Hormuz is keeping global markets on edge. And if tensions continue to rise, oil prices could remain a major story in the days ahead.

Trump sparks outrage after resharing ‘Strait of Trump’ map for Strait of Hormuz

Meanwhile, TheRadar earlier reported that the United States President Donald Trump had triggered fresh controversy after resharing a Truth Social post proposing that the Strait of Hormuz be renamed the “Strait of Trump,” a move widely seen as provocative amid mounting geopolitical tensions.

The post featured a map of the strategically critical waterway relabeled with the suggested name, drawing swift global attention because of the Strait’s central role in global energy security.