Oil jumps after Trump's Iran ceasefire comments

According to Axios, oil markets are taking President Trump's claim that the Iran ceasefire is "over" seriously, but not literally. Prices climbed Wednesday morning after Trump said negotiations can continue but are a waste of time — comments that followed a fresh round of U.S. strikes on Iran, retaliation for renewed Iranian attacks on commercial ships in the Strait of Hormuz. Brent crude, the global benchmark, sat around seventy-seven dollars and fifty-three cents a barrel, roughly five dollars above where it started the week. Still, Axios notes the market isn't pricing in a full return to war: prices remain far below the spring, when Brent briefly touched one hundred twenty-six dollars in April, and tankers have kept oil flowing out of the region. Analysts at Rystad Energy caution that uncertainty over vessel safety, insurance costs, and the risk of further retaliation should keep volatility elevated near term. One thing to watch: a sustained rise could push U.S. gasoline prices, which have been falling for weeks, back upward.

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