During a press meeting in Ankara, Türkiye, where he is attending the 2026 NATO Summit, U.S. President Donald Trump said he thought the ceasefire with Iran was over.
“To me, I think it’s over,” Trump said at the meeting, a video posted on Rapid Response 47’s X page, which was reposted by the White House X page, showed.
“I don’t want to deal with them anymore … I’ll speak to our negotiators. They want to negotiate – they’re good people … but they have to come back to me. As far as I’m concerned, it’s just a waste of time dealing with them,” he added.
At the time of writing, oil prices are rising more than six percent.
In a market quick take posted on Saxo Bank’s website earlier today, the bank noted that oil rose after the U.S. struck targets in Iran and revoked a waiver allowing new sales of Iranian oil, in retaliation for Iranian attacks on ships in the Strait of Hormuz.
“The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire,” Saxo Bank said in the statement.
“Three commercial vessels were attacked in the Strait over the past day, the most since the agreement took effect, with the U.S. blaming Iran for the strikes. Brent has moved back above $76, potentially triggering further short covering among hedge funds,” it added
Rigzone has asked the Iranian Ministry of Foreign Affairs if Iran was responsible for the recent attacks on three commercial ships in the Strait of Hormuz. At the time of writing, the ministry has not responded to Rigzone.
Standard Chartered Bank Energy Research Head Emily Ashford told Rigzone that attacks on vessels in the Strait of Hormuz over the past few days have highlighted once more that the transit remains dangerous and that a return to business as usual remains a long way off.
“The U.S. launched strikes on Iran yesterday and revoked its license to sell oil under the 60-day negotiation window sanctions waiver,” Ashford highlighted, adding that, “in retaliation, Iran is targeting U.S. military installations in Bahrain and Kuwait”.
“The market was so short that these escalations can be … quite brutal for prices, with crude rallying (although still at a $50 per barrel discount from the highs earlier in the conflict),” Ashford continued.
In a market analysis sent to Rigzone today, Waleed Said, Technical Analyst at GivTrade, said oil prices are rising today because supply risk is back in control.
“Brent near $76 and WTI near $72 show traders are rebuilding the Middle East risk premium as concerns grow around Iran, shipping security, and the Strait of Hormuz,” he added.
“Fed minutes matter for the dollar and demand outlook, but today’s oil move is mainly about one thing: markets are pricing possible disruption before disruption actually happens,” he continued