Trump's Iran cease-fire collapses amid renewed strikes and oil price surge
A cease-fire announced by President Trump in mid-June ended U.S. combat operations with Iran, but within weeks fighting resumed and oil prices rose above $100 a barrel.
President Donald Trump announced a cease-fire with Iran on June 14, halting U.S. combat operations and reopening the Strait of Hormuz to commercial shipping. The agreement, signed on June 17, was presented as a quick resolution to the conflict and a measure to ease rising U.S. gasoline prices.
Within a month, hostilities resumed as U.S. and Iranian forces exchanged strikes, prompting ships to avoid the strait over concerns of Iranian attacks. Oil prices, which had fallen in recent weeks, climbed back above $100 a barrel on Thursday.
"The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump said in a statement announcing the cease-fire.
Analysts note that the rapid deterioration reflects underlying tensions that were not fully addressed by the short-term agreement.