Oil prices climbed about 3–4% on Tuesday after U.S. President Donald Trump indicated he would not extend the current ceasefire with Iran, raising fears of renewed conflict and supply disruptions in global energy markets. Benchmark crude prices surged as geopolitical tensions escalated ahead of the ceasefire deadline. Brent crude rose sharply toward the $100-per-barrel mark, while U.S. West Texas Intermediate (WTI) also posted strong gains.
The rally followed Trump’s statement that he was prepared to resume military action if no agreement is reached with Tehran. The warning added uncertainty around the fragile truce and heightened concerns over oil supply routes, particularly the Strait of Hormuz—a critical chokepoint for global crude shipments.
Markets have remained highly sensitive to developments in the U.S.-Iran conflict, which has already disrupted shipping and driven volatility in oil prices in recent weeks. Any escalation threatens to tighten supply further, pushing prices higher. The latest surge in oil prices reflects investor concerns that the end
