U.S. President Trump announced on Wednesday that Washington’s ceasefire with Tehran has ended, following an escalation of hostilities overnight.
The U.S. military carried out a “series of powerful strikes” against Iran in response to three commercial ships transiting the Strait of Hormuz coming under attack on Tuesday.
Trump’s remarks were made during a joint press conference with NATO chief Mark Rutte at a summit in Ankara, Turkey. When asked about the deal, the President stated, “I don’t want to deal with them anymore … as far as I’m concerned, it’s over.”
He added that Washington’s delegation aimed to negotiate a peace agreement, but he considered it “a waste of time dealing with” the Iranian side.
Oil prices continued to rise on Wednesday following Trump’s remarks, with Brent crude futures and U.S. West Texas Intermediate crude futures both gaining more than 6%.
The increase in crude oil prices boosted energy stocks in premarket trading. Chevron rose 2.8%, Exxon Mobil gained 2.6%, and ConocoPhillips increased 2.9%.
Devon Energy increased by 2.5%, while Occidental Petroleum, APA Corp, and Diamondback Energy rose by 2.5%, 3%, and 3.8%, respectively.
In a statement on Wednesday, Iran’s foreign ministry called the strikes a “gross violation of the Memorandum of Understanding.”
“The powerful armed forces of the Islamic Republic of Iran, as they have repeatedly shown, will not hesitate to defend Iran’s territorial integrity, national sovereignty, and national security against American military aggression,” the ministry said
By CEO NA Editorial Staff
