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Trump Declares Ceasefire with Iran Over Amid Escalating Strikes and Rising Oil Prices

Published July 8, 2026 at 1:16 PM UTC

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On July 8, 2026, President Donald Trump declared the ceasefire with Iran "over," labeling negotiations a "waste of time." This announcement followed renewed hostilities between the U.S. and Iran, despite a peace deal signed three weeks earlier that Trump had described as an "unconditional surrender" by Iran. The situation escalated after Iran attacked commercial ships in the Strait of Hormuz, prompting retaliatory U.S. airstrikes. Speaking at a NATO summit in Turkey, Trump reinforced the breakdown of the ceasefire. In response to the escalating conflict, global oil prices surged sharply, with Brent crude jumping 6% to nearly $79 per barrel. The U.S. also revoked temporary oil waivers previously granted to Iran, further intensifying tensions. This development signifies escalating tensions between the U.S. and Iran, particularly concerning navigation and security in the Strait of Hormuz.