Oil Jumps After Trump Ends Iran Ceasefire, Airstrikes Hit 80 Targets

President Donald Trump declared the Iran ceasefire over, calling further talks “pure time-wasting” after three oil tankers were attacked in the Strait of Hormuz. The United States responded with airstrikes on more than 80 Iranian targets late Tuesday, Sky News reported.

The Strait of Hormuz is a chokepoint for roughly 20% of global oil supply. Any disruption there tends to lift crude prices and widen the geopolitical risk premium embedded in energy stocks.

Oil prices rose after Trump’s statement, traders said. The move was modest at first, then accelerated when details of the airstrikes emerged. Brent crude traded near $78 a barrel, up about 2% on the session. Energy shares in the S&P 500 gained. Exxon Mobil and Chevron both rose more than 1%.

Iran signaled it wanted to continue dialogue. Trump’s dismissal suggests the diplomatic window is closed.

Shipping insurance through the Strait of Hormuz has already risen, traders said. Some tanker operators are rerouting. That adds cost and delay to crude deliveries from the Middle East. Even without further attacks, oil prices could stay elevated.

The airstrikes hit more than 80 Iranian targets, according to US officials. No further US military action has been announced. The White House said it reserves the right to respond to any new aggression.