Oil prices rise sharply after U.S. President Donald Trump says the temporary ceasefire with Iran is over, with some reports tying the move to fresh U.S. strikes and renewed tensions in the Middle East. Multiple outlets say crude climbs by roughly 5% to more than 7%, pushing international benchmarks back toward levels seen before the Iran conflict escalated. Middle East Eye reports Brent rises about 5.3% to around $78.09 per barrel and West Texas Intermediate gains about 5.4% to around $74.23. CBS News notes oil reaches a two-week high and says prices could increase more quickly if renewed fighting continues.

Several outlets also link the market reaction to fears of supply disruption, including heightened risk for shipping routes such as the Strait of Hormuz. In parallel, Inquirer.net and Business in Vancouver report broader market weakness, with stock indexes falling after Trump’s remarks. Times of India adds that the oil jump renews concerns about inflation and possible interest-rate increases. Overall, sources describe a fast shift in expectations for Middle East-related supply risks following the ceasefire reversal.