Oil prices jump 6% after Trump declares Iran truce “over”
Global oil prices climbed by around six percent on Wednesday after US President Donald Trump announced that the interim ceasefire with Iran was “over.” The latest escalation raised fresh concerns about oil supplies and stability in the Middle East.
At the time of reporting, Brent crude rose to $78.58 per barrel, while West Texas Intermediate (WTI) climbed to $74.76 per barrel as traders reacted to the renewed conflict.
Trump announced overnight military exchanges between the United States and Iran. His decision effectively ended the temporary diplomatic arrangement that had eased tensions and allowed limited Iranian oil exports. The United States also revoked the waiver that had allowed Iran to continue selling oil under the interim agreement, adding further uncertainty to global energy markets.
Also Read: Trump declares Iran ceasefire over, after US strikes
Despite the heightened tensions, tanker traffic through the Strait of Hormuz continued, although shipping companies remained cautious. Several vessels passed through the strategic waterway, including an ExxonMobil-chartered supertanker carrying about two million barrels of crude oil. Meanwhile, some ships reportedly turned back or dropped anchor because of growing security concerns.
According to tanker tracking data, six tankers were entering or leaving the Strait of Hormuz after Iran attacked three commercial vessels near the coast of Oman. Two of the targeted ships were carrying energy cargoes, including a Qatari LNG carrier and a Saudi-owned crude oil tanker.
Following the attacks, the Joint Maritime Information Center (JMIC) raised the threat level for the Strait of Hormuz to “Severe,” warning that deliberate hostile action is now considered likely. The advisory urged all ships operating in the region to remain on high alert as tensions continue to escalate.
