Oil prices rise sharply after US President Donald Trump says the Iran ceasefire “is over,” amid renewed hostilities in the Middle East. Multiple outlets report that international benchmark Brent crude jumps more than 5%, reaching about $78.09 per barrel, while the US benchmark West Texas Intermediate (WTI) increases by roughly 5% to around $74.23 per barrel. The price move follows fresh strikes involving Iran and developments around attacks in and near the Strait of Hormuz, a key shipping route in the Gulf region. One report links the escalation to US military action after attacks on ships in the Strait of Hormuz, which it says is followed by a wider pattern of reprisals targeting American bases in the Gulf. Overall, the sources characterize the latest comments and military events as prompting immediate gains across major crude contracts. They also note that the escalation occurs alongside new strikes in the region, contributing to investor expectations of higher supply risk and volatility.