Crude oil prices climbed sharply Wednesday morning after President Donald Trump declared that the ceasefire agreement with Iran was “over,” signaling renewed uncertainty in the ongoing conflict and sending energy markets higher.
Speaking to reporters during the NATO summit in Ankara, Turkey, Trump made it clear that he no longer wanted to engage with Tehran following the latest developments in the region.
“I don’t want to deal” with Iran anymore, the president said before adding, “They’re scum.”
Trump’s remarks came only hours after U.S. Central Command announced Tuesday evening that American forces had launched strikes against targets in Iran. The military action followed Tehran’s attack on commercial vessels traveling through the Strait of Hormuz, a critical shipping route for global energy supplies.
The renewed fighting quickly reverberated through global energy markets.
Brent crude, the international benchmark for oil prices, surged to $78 per barrel following the president’s comments. The benchmark had already been on the rise, climbing more than 5 percent to $75 per barrel on Tuesday after the United States revoked its waiver on Iranian oil sanctions.
Meanwhile, West Texas Intermediate, the benchmark for U.S.-produced crude, was trading at roughly $74 per barrel Wednesday morning. That represented a notable increase from just under $70 per barrel the previous day.
The latest jump in oil prices adds to ongoing concerns surrounding energy costs during the months-long military operations tied to the conflict. Rising fuel prices have become a difficult issue for the Trump administration, with crude oil previously climbing above $100 per barrel during the prolonged hostilities.
The increase in energy costs has also coincided with declining public confidence in the president’s economic agenda. According to the article, Trump’s approval rating on his handling of inflation and prices had fallen by 43 percentage points in May compared with the beginning of his second term.
Despite those concerns, Trump and members of his administration have repeatedly sought to reassure Americans that higher prices would be temporary. Officials have emphasized that the increased costs represent short-term pain rather than a lasting economic trend.
Still, Wednesday’s return to military action cast fresh doubt on hopes that diplomatic negotiations could bring an end to the conflict between the United States and Iran.
Even as fighting resumed, Trump indicated that communication with negotiators would continue.
The president told reporters that he plans to “speak to our negotiators” despite the renewed military operations.
“They want to negotiate. They’re good people,” Trump said. “But they have to come back to me. As far as I’m concerned, it’s just a waste of time dealing with [Iran].”
His comments underscored the uncertain state of negotiations while markets reacted to the prospect of continued instability in the region, pushing crude oil prices higher as investors weighed the potential impact of renewed conflict on global energy supplies.
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