Trump Declares Iran Ceasefire Over After Tanker Attacks, Oil Surges
8 verified4 unconfirmed
President Donald Trump declared the U.S. ceasefire with Iran “over” following a series of attacks on commercial vessels in the Strait of Hormuz, sending oil prices sharply higher and stock markets lower. The U.S. launched retaliatory strikes against Iranian targets, and the U.S. Treasury revoked a sanctions waiver allowing Iranian oil sales. Iran was accused of striking three tankers in the strait, including one carrying liquefied natural gas. The renewed hostilities have undone weeks of relative calm in global energy markets and raised concerns about inflation and central bank policy. Trump made his remarks on the sidelines of the NATO summit in Ankara, Turkey, while Iran was holding funeral events for its slain Supreme Leader Ayatollah Ali Khamenei. The fragile ceasefire, brokered in mid-June, had allowed oil prices to stabilize until the recent attacks disrupted maritime traffic through the vital chokepoint.
What’s verified
President Donald Trump said the U.S. ceasefire with Iran is “over,” calling further negotiations a “waste of time.”
Oil prices surged 7-8% on Wednesday, with Brent crude reaching about $80 per barrel and U.S. crude climbing toward $76 per barrel.
Stock markets fell sharply: the Dow Jones Industrial Average dropped more than 800 points, the FTSE 100 fell nearly 1.7%, and other global indexes declined.
U.S. forces launched retaliatory strikes against dozens of Iranian targets, including air defense systems, radar sites, and naval assets.
Iran attacked three commercial tankers in the Strait of Hormuz, including a vessel carrying liquefied natural gas.
The U.S. Treasury revoked a sanctions waiver that had allowed the sale of Iranian oil on the global market, requiring wind-down by July 17.
Trump was attending the NATO summit in Ankara, Turkey, when he made his comments about the ceasefire.
Iran’s foreign ministry stated that U.S. and Israeli actions had “rendered key and fundamental elements of the agreement to end the war ineffective.”
Not yet confirmed
According to one source, Iran launched a joint missile and drone operation against 85 U.S. military sites in Bahrain and Kuwait in retaliation for U.S. strikes, and claimed to have shot down a U.S. MQ-9 drone. The Pentagon has not commented on these claims.
Another source reported that at least four oil and gas tankers turned back from transiting the strait, but this was not corroborated.
The International Monetary Fund’s warning about economic growth and the exact revised forecast appeared in only one source.
Iran’s Parliament Speaker Mohammad Bagher Ghalibaf posted on social media, “The era of bullying and extortion is over. It leads nowhere. We don’t fold,” but this quote was not found in other reports.
Key figures
President Donald Trump (United States)
Ayatollah Ali Khamenei (Iran, deceased supreme leader)
Masoud Pezeshkian (Iranian president)
Mohammad Bagher Ghalibaf (Iran’s Parliament Speaker)
Mojtaba Khamenei (successor to Khamenei)
Steve Witkoff (U.S. special envoy)
Jared Kushner (Trump’s son-in-law)
Jorge León (Rystad Energy)
Tamas Varga (PVM Oil Associates)
Luke Bosdet (AA motoring group)
Daniela Hathorn (Capital.com)
Geoff Yu (BNY)
Sources: The Guardian, NPR, NBC News
