Oil prices surge 5%, stocks tumble after Trump says Iran ceasefire is ‘over’

The price of oil surged more than 5% early Wednesday after President Donald Trump said the U.S. ceasefire deal with Iran was “over,” and the United States was planning additional strikes.

The price of oil surged more than 5% early Wednesday after President Donald Trump said the U.S. ceasefire deal with Iran was “over,” and the United States was planning additional strikes.

Subscribe to read this story ad-free

Get unlimited access to ad-free articles and exclusive content.

“I think it’s over,” Trump said on the sidelines of the NATO summit in Ankara, Turkey. “I don’t want to deal with them anymore.”

Trump said negotiations could continue, but he considered them a “waste of time.”