Brent Crude Rises Above $77 After Trump Says Iran Ceasefire Is “Over”

According to Axios, Brent crude climbed to $77.53 a barrel on Wednesday morning, about $5 higher than where it started the week, after President Trump said the Iran ceasefire is “over” and that negotiations are a “waste of time.” Axios reported his comments followed a new round of U.S. strikes on Iran after renewed Iranian attacks on commercial ships in the Strait of Hormuz. The report noted Brent briefly touched $126 in April during the conflict, and cited Rystad Energy as warning that uncertainty around vessel safety, insurance costs, delays, and retaliation risks could keep near-term volatility elevated, with traffic through the strait likely to remain reduced. Axios also reported that the U.S. Treasury Department said Tuesday it revoked temporary waivers tied to a memorandum of understanding with Iran that had allowed Tehran to sell oil.