Oil prices jump 6% as Trump says ceasefire with Iran ‘over’

International benchmark Brent crude rose 5.95% to $78.50 per barrel as of 0837GMT, while US benchmark West Texas Intermediate (WTI) climbed 5.95% to $74.60.

“For me, I think it’s over,” Trump said in Ankara, sitting alongside NATO Secretary General Mark Rutte at the alliance’s annual summit. “As far as I’m concerned, it’s just a waste of time.”

His remarks came after the US launched a new wave of strikes against Iran and revoked a waiver that had allowed the sale of Iranian oil on global markets.

The moves followed recent attacks on commercial vessels transiting the Strait of Hormuz, a critical energy chokepoint, fueling concerns that renewed hostilities could threaten crude and fuel flows from the Gulf.

Trump said he did not want to continue dealing with Tehran, using harsh language against Iranian leaders.

“I don’t want to deal with them, but they’re scum,” he said, adding that Iran “can talk” but was “wasting their time” when asked whether negotiations would resume.

The tentative US-Iran understanding reached in June included an end to attacks on commercial shipping and a waiver allowing Iranian oil sales, while opening a 60-day negotiation period for a broader peace deal.