Oil jumps 6% after Trump declares Iran ceasefire over

July 08, 2026 (MLN): Global oil prices climbed to around $78 per barrel on Wednesday after renewed military confrontation between the United States and Iran heightened concerns over supply disruptions in the Middle East.

Currently, Brent crude futures is up, 6.15%, at $78.72 per barrel, according to data by Mettis Global. 

West Texas Intermediate (WTI) crude futures is up by $4.08, or 5.79%, to $74.52 per barrel by [02:46 pm] PST.

The rally followed remarks by Donald Trump, who declared that the ceasefire agreement with Iran was no longer in effect after the United States carried out fresh military strikes against Iranian targets, according to CNBC.

The U.S. military said the operation was launched in response to attacks on three commercial vessels transiting the Strait of Hormuz, accusing Tehran of violating the ceasefire and threatening international shipping.

In retaliation, Iran's Islamic Revolutionary Guard Corps said it had targeted U.S. military installations in Kuwait and Bahrain, further escalating tensions across the Gulf.

The latest developments have renewed fears over the security of the Strait of Hormuz, a key global oil transit route, prompting investors to factor in a higher geopolitical risk premium.

The escalation comes after the U.S. also tightened pressure on Tehran by revoking a waiver that had allowed Iran to continue exporting oil.

Market participants are closely monitoring the situation, with concerns that prolonged tensions could disrupt energy supplies, fuel inflationary pressures, and influence the outlook for global monetary policy.

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