Oil Jumps 6 Percent After Trump Declares Iran Ceasefire Over and Revokes Iranian Oil Sales License

President Trump said on Wednesday that the Iran ceasefire is "over," calling continued negotiations a "waste of time," after Iran struck three commercial vessels near the Strait of Hormuz, including a Qatari LNG carrier 12. The U.S. Central Command responded with strikes on Iranian air defenses, radar systems and more than 60 small Revolutionary Guard boats, and Trump said the U.S. would "probably hit them again" and floated retaking Kharg Island and reimposing a naval blockade in the strait 123. The Treasury Department's Office of Foreign Assets Control revoked the temporary license permitting Iranian oil sales issued under the June memorandum of understanding, giving companies until July 17 to wind down existing transactions 4. Brent crude rose as much as 8 percent to $80.09 per barrel and U.S. crude gained 4.4 percent to close at $73.52, while the S&P 500 fell roughly 1 percent and the 10-year Treasury yield climbed to 4.59 percent 15. Iran's parliament speaker, Mohammad Bagher Qalibaf, wrote on X that "the era of bullying and extortion is over" and that Iran "won't fold" 2.