--- title: "Oil prices jump by the most in two months after Trump suggests U.S.-Iran cease-fire is over" type: "News" locale: "en" url: "https://longbridge.com/en/news/292043992.md" description: "Oil prices surged over 6% to their highest in two months after President Trump declared the U.S.-Iran cease-fire over, calling Iranian leaders 'scum.' This follows recent military exchanges, including U.S. strikes on Iranian targets and Iranian retaliation against U.S. bases. Analysts warn that prolonged energy disruptions could reignite inflation concerns and impact interest rate expectations, shifting market focus from simple supply risks to geopolitical instability." datetime: "2026-07-08T09:21:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292043992.md) - [en](https://longbridge.com/en/news/292043992.md) - [zh-HK](https://longbridge.com/zh-HK/news/292043992.md) --- # Oil prices jump by the most in two months after Trump suggests U.S.-Iran cease-fire is over By Nora Redmond President Donald Trump said he did not "want to deal with" Iran anymore at the sidelines of the NATO summit in Turkey. Oil prices jumped on Wednesday after President Donald Trump said he believed the cease-fire with Iran had ended. Speaking at the sidelines of the two-day NATO summit in Turkey, Trump called Iranian leaders "scum," who he said he did not "want to deal with" anymore. "There's something wrong with them, they're cuckoo," the president said. "For me, I think it's over," he responded when asked about the cease-fire. "It's just a waste of time dealing with them." Trump did say that negotiations with Iran could continue. Brent crude's contract for September delivery (BRN00) (BRNU26), the global benchmark, jumped more than 6% to $78.87 a barrel - its highest level in over two weeks. West Texas Intermediate's August contract (CL.1) (CLQ26), the U.S. benchmark, climbed 6.5% to $75, up 9% since the start of the month. The comments come after the U.S. and Iran exchanged strikes overnight. The U.S. Central Command announced on Tuesday that it hit over 80 Iranian targets in retaliation for suspected attacks on three oil tankers in the Strait of Hormuz. Washington also then revoked the 60-day waiver which lifted sanction on the sale of Iranian oil. Tehran has not claimed responsibility for the hostilities. Following the attacks by the U.S., the regime's Islamic Revolutionary Guard Corps said it responded by targeting 85 U.S. military bases in Bahrain and Kuwait. Andreas Lipkow, chief market analyst at CMC Markets, wrote in a note on Wednesday that the big question investors should be thinking about is whether this is a short-lived geopolitical shock or the start of a more prolonged disruption to energy markets. "That distinction matters because markets have become increasingly comfortable with the view that the worst of the inflation shock is behind us," he said. "If energy prices remain elevated, investors may need to reassess not only the outlook for inflation, but also expectations for interest rates and economic growth." Patrick Munnelly, market strategist at Tickmill Group, seconded that view, writing in a note on Wednesday: "The oil market is no longer simply pricing tanker flows or surplus risk. It is pricing the possibility that Middle East disruption returns at the exact point central banks were hoping lower energy would do part of the disinflationary work." \-Nora Redmond This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires 07-08-26 0521ET ### Related Stocks - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [03097.HK](https://longbridge.com/en/quote/03097.HK.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [USOI.US](https://longbridge.com/en/quote/USOI.US.md) - [SCO.US](https://longbridge.com/en/quote/SCO.US.md) - [03175.HK](https://longbridge.com/en/quote/03175.HK.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [IEZ.US](https://longbridge.com/en/quote/IEZ.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [PXJ.US](https://longbridge.com/en/quote/PXJ.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [ERX.US](https://longbridge.com/en/quote/ERX.US.md) - [ERY.US](https://longbridge.com/en/quote/ERY.US.md) - [DUG.US](https://longbridge.com/en/quote/DUG.US.md) - [MLPA.US](https://longbridge.com/en/quote/MLPA.US.md) - [CMCX.UK](https://longbridge.com/en/quote/CMCX.UK.md) ## Related News & Research - [Oil slips more than 5% after US pauses strikes on Iran](https://longbridge.com/en/news/293853908.md) - [Iran's Tasnim says oil tanker explodes after hitting naval mine in Strait of Hormuz](https://longbridge.com/en/news/293845546.md) - [Oil prices hover at six-week high as Middle East shipping risks escalate](https://longbridge.com/en/news/293555449.md) - [Oil prices dip as mediation efforts offset US-Iran strikes](https://longbridge.com/en/news/293267336.md) - [ROI-Iran war 'stagflation' premium quietly mounts: McGeever](https://longbridge.com/en/news/293345401.md)