Crude oil prices surged Tuesday after President Trump declared the ceasefire with Iran “over” and told reporters at the NATO summit in Ankara he did not want to “deal” with Tehran anymore.
The remarks landed without warning during a press availability at the summit, where Trump was attending meetings with allied heads of state.
Markets responded immediately. Crude futures climbed as traders priced in the prospect of renewed conflict in the Middle East and potential disruption to regional oil flows.
Trump gave no specific timeline for any further U.S. action against Iran and offered no detail on what conditions, if any, could reverse the declaration.
The statement represents a marked shift from recent weeks, during which U.S. and Iranian officials had engaged in indirect negotiations over Tehran's nuclear program.
Administration officials had not publicly signaled the ceasefire was at risk ahead of Trump's comments.
Further White House clarification is expected later Tuesday. Congressional foreign-affairs committees are likely to be briefed in the coming days.