Updated July 8, 2026, 6:23 a.m. MT
Oilprices are climbing after President Donald Trump said the ceasefire with Iran may be over.
Trump said the remarks on Wednesday, July 8 from the NATO summit, in Ankara, Turkey after the latest round of tit-for-tat strikes between the U.S. and Iran that he considers the ceasefire between the two nations to be over, reported USA TODAY.
“To me, I think it’s over. I don’t want to deal with them,” Trump said. “They’re scum. They’re sick people.” Trump said U.S. negotiators wanted to continue to try to broker peace but he said, “As far as I’m concerned, it’s over.”
“As far as I’m concerned, it’s just a waste of time dealing with them,” he added. “They’re liars.”
Trump made the comments several hours after Iran said it targeted U.S. military sites in Bahrain and Kuwait, according to USA TODAY.
Meanwhile the price of oil — and prices at the pump — are rising. Here’s what to know about the price of oil today.
Oil prices today
Oil prices have climbed more than 5% on Wednesday, July 8, after Trump said the memorandum of understanding to end the conflict with Iran was “over”, renewing fears of disruptions to Middle East oil supplies, reported Reuters.
Brent crude futures were up $4.27, or 5.76%, to $78.43 a barrel, while U.S. West Texas Intermediate crude climbed $3.91, or 5.55%, to $74.35 a barrel. The benchmarks are at their highest levels since June 22, according to Reuters.
Gas prices today
The price for a gallon of regular unleaded gas also increased, with the national average at $3.7960 a gallon on Wednesday, July 8, according to AAA. The cost is still lower than it was a month ago, though, when a gallon of fuel cost $4.1640.
Texas is still one of the states paying the lowest for gas on average at $3.3530 a gallon.
Natassia Paloma may be reached at [email protected], @NatassiaPaloma on X, natassia_paloma on Instagram, and Natassia Paloma on Facebook.
Source: Original Article
