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Oil prices surge again as Trump declares ceasefire ‘over’ with Iran

The U.S. also revoked a waiver allowing Iran to sell oil, as American forces struck targets in Iran that were linked to attacks on commercial shipping

Win McNamee/Getty Images

U.S. President Donald Trump at NATO Summit in Ankara, Turkey

By

Jonathan H. Ferziger

July 8, 2026

Oil prices surged on Wednesday after U.S. President Donald Trump declared the ceasefire with Iran was “over,” jolting energy markets and raising fresh concerns about the security of Gulf oil exports.

Brent crude jumped more than 5% to...