President Donald Trump declared the interim ceasefire with Iran 'over' on Wednesday, triggering a sharp spike in global oil prices and signaling a renewed escalation in the Middle East conflict. Speaking to reporters at the NATO summit in Ankara, Turkey, Trump said he no longer wanted 'to deal' with Tehran, calling Iranian leaders 'scum.'
The comments came hours after U.S. Central Command announced Tuesday evening that American forces had struck targets inside Iran in retaliation for Tehran's attacks on commercial vessels in the Strait of Hormuz. The military action marked a dramatic breakdown of the fragile truce that had been in place for weeks.
Oil Markets React Instantly
The price of Brent crude, the international benchmark, jumped to $78 a barrel following Trump's statement. That rise followed a 5 percent surge on Tuesday, when the administration revoked waivers on Iranian oil sanctions. West Texas Intermediate, the U.S. benchmark, traded near $74 a barrel Wednesday morning, up from under $70 the previous day.
Rising energy costs have become a political liability for the White House. Oil prices have exceeded $100 a barrel at points during the months-long military campaign, and Trump's approval rating on handling inflation and prices has dropped 43 percentage points since the start of his second term, according to May polling.
White House Struggles to Contain Fallout
Administration officials have tried to downplay the price increases as temporary, but the resumption of hostilities has dashed hopes for a negotiated settlement. Trump told reporters he would continue to 'speak to our negotiators,' even as he dismissed further talks with Iran as 'a waste of time.'
'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].'
The president's contradictory remarks reflect the broader confusion surrounding U.S. strategy in the region. The ceasefire collapse comes amid other foreign policy flashpoints, including tensions with NATO allies and renewed Russian strikes on Kyiv. Trump is also facing criticism over his handling of the Iran interim deal, which he declared 'dead' earlier this year.
Broader Implications for Global Stability
The renewed conflict threatens to disrupt global energy markets and further strain relations with European allies already skeptical of Trump's approach to Iran. The NATO summit in Ankara was already overshadowed by disputes over Turkey's F-35 program and Spanish trade demands, as detailed in Trump's address to NATO.
Analysts warn that sustained high oil prices could undermine Trump's economic agenda and provide ammunition for political opponents. The administration's focus on short-term pain has done little to reassure markets or voters, and the return to full-scale military operations has darkened the outlook for any diplomatic resolution.
