Oil prices are recording a vertical rise today, Wednesday (8/7/2026), following the escalation in the Middle East and primarily in the wake of the statement by American President Donald Trump that the ceasefire with Iran is over. Specifically, US crude futures (WTI) for August delivery increased by 6.3% to 74.86 dollars a barrel, while Brent futures for September delivery jumped 6.14% to 78.71 dollars a barrel.
Trump's bombshell on Iran
During a joint press conference with NATO chief Mark Rutte at the military alliance's summit in Ankara, Turkey, Trump was asked if the US ceasefire with Iran has terminated. "For me, I think it's over," he said. "I don't want to have anything to do with them anymore… as far as I am concerned, it's over." Trump added that Washington's delegation wanted to negotiate a peace deal, but he himself considered it a "waste of time to deal" with the Iranian side. Trump's comments came after the US military carried out a "series of powerful strikes" against Iran, in retaliation for Tuesday's attack against three commercial vessels transiting through the Strait of Hormuz. The US had warned at the time that Iran would face a "heavy price" for targeting commercial shipping. "The strikes come in response to Iranian attacks against three commercial vessels transiting the Strait of Hormuz. The aggression shown by Iran was unwarranted, dangerous, and constitutes a clear violation of the ceasefire," the US Central Command (CENTCOM) stated in a post on X.
Iran's reaction
On the other side, in its announcement, the Ministry of Foreign Affairs of Iran characterized the strikes as a "flagrant violation of the Memorandum of Understanding" reached between Washington and Iran last month to end their war. "The powerful armed forces of the Islamic Republic of Iran, as they have repeatedly demonstrated, will not hesitate to defend Iran's territorial integrity, national sovereignty, and national security against American military aggression," the Ministry stated.
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