Trump says ceasefire with Iran over, calls negotiations "waste of time"
Oil prices shot up 5% after President Trump said negotiations with Iran were over, and called it "a waste of time dealing with them."
Updated on: July 8, 2026 / 4:46 AM EDT / CBS News
Oil prices jump 5% after Trump says Iran ceasefire over
World oil prices soared more than five percent Wednesday after President Trump said the ceasefire with Iran was over, following a fresh exchange of strikes in the Middle East.
International benchmark Brent North Sea crude jumped 5.3 percent to $78.09 a barrel, while the main U.S. contract, West Texas Intermediate, advanced 5.4 percent to $74.23 a barrel.
The U.S. said it had hit over 80 Iranian targets overnight following attacks on ships in the Strait of Hormuz, triggering a wave of reprisals against American bases in the Gulf.
Trump says ceasefire is "over" and dealing with Iran is a "waste of time"