Trump declares Iran ceasefire over; oil surges 5%

U.S. President Donald Trump declared the provisional ceasefire with Iran terminated, stating, "I think it's over. I don't want to deal with them." The 60-day truce, mediated by Pakistan and aimed at negotiating a permanent deal, had stalled after indirect talks in Qatar ended without progress. The U.S. launched a new wave of airstrikes against Iran, and revoked a license that allowed Iranian oil sales, giving Tehran until July 17 to close transactions. Source: larepublicaco, excelsiormx

Market Reaction

Oil prices spiked over 5% following Trump's remarks. Brent crude rose 5.3% to $78.09 per barrel, while West Texas Intermediate (WTI) gained 5.4% to $74.23. Source: excelsiormx The escalation came after three tankers were hit in the Strait of Hormuz, and the U.S. revoked the oil waiver granted in June to allow Iranian crude sales until August 21. Source: larepublicaco