# Trump Declares Iran Ceasefire "Over" and Threatens to Seize Kharg Oil Terminal as Crude Jumps

Speaking at the North Atlantic Treaty Organization (NATO) summit in Ankara, Trump said the three-week-old truce is finished, threatened to reimpose a naval blockade and take over Kharg Island, and oil prices rose sharply.

- Published: 2026-07-09T05:13:31.466Z
- Canonical: https://polylog.news/2026-07-09/us-and-iran-trade-strikes-for-a-second-day-with-tehran-hitti
- Publisher: Polylog (Global desk)
- Section: geopolitics
- Sources: [Dawn](https://www.dawn.com/news/2014057/us-carries-out-fresh-strikes-on-iran-prompting-attacks-on-kuwait-and-bahrain), [The Hindu](https://www.thehindu.com/news/international/us-iran-war-live-updates-missile-strikes-strait-of-hormuz-oil-price-donald-trump-mojtaba-khamenei-netanyahu-peace-deal/article71200749.ece), [Globes](https://www.globes.co.il/news/article.aspx?did=1001548806#utm_source=RSS)

President Trump [declared the three-week-old US-Iran ceasefire "over"](https://www.aljazeera.com/news/2026/7/8/trump-says-ceasefire-over-after-us-iran-trade-attacks) on Wednesday, speaking at the NATO summit in Ankara after a fresh round of American strikes on Iran. He threatened to reimpose the US naval blockade and said Washington could "take over Kharg Island," the terminal that handles the bulk of Iran's crude exports. "We attacked Kharg Island last night," Trump said, adding, "I said, 'don't touch the oil' because maybe we'll take over Kharg Island." That specific claim of a strike on the export terminal is less firmly established than his declaration that the truce has collapsed. Trump also said peace talks could continue but called them "a waste of time."

Oil markets responded immediately. West Texas Intermediate crude [settled about 4.4% higher, near $73.52 a barrel](https://www.cnbc.com/2026/07/08/oil-prices-brent-wti-iran-us-hormuz.html), and Brent crude rose about 5.2% to roughly $78.02, with the Brent contract trading as high as $80.59 intraday, according to [S&P Global](https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/070826-factbox-oil-futures-pass-80b-as-us-iran-ceasefire-appears-to-collapse). Iran, for its part, threatened to close the Strait of Hormuz to all maritime traffic if the United States struck again, according to state-run Press TV. The waterway has [carried about 20 million barrels a day](https://www.aljazeera.com/news/2026/7/8/oil-prices-surge-as-us-strikes-iran-reversing-fall-to-pre-war-levels) of crude and refined products.

The strikes marked a second straight day of exchanges in the conflict over the Strait of Hormuz. [Dawn reported](https://www.dawn.com/news/2014057/us-carries-out-fresh-strikes-on-iran-prompting-attacks-on-kuwait-and-bahrain) that the fresh American strikes prompted Iranian attacks on Kuwait and Bahrain, both home to US military facilities.

Accounts of scale differ by source. The Israeli outlet [Globes cited the US military](https://www.globes.co.il/news/article.aspx?did=1001548806#utm_source=RSS) saying it hit roughly 90 targets in Iran, with reported explosions at Bandar Abbas and the port city of Sirik, and quoted a senior American official calling the operation broader than the previous day's. [The Hindu reported](https://www.thehindu.com/news/international/us-iran-war-live-updates-missile-strikes-strait-of-hormuz-oil-price-donald-trump-mojtaba-khamenei-netanyahu-peace-deal/article71200749.ece) that Tehran said its response also reached Qatar. Washington described its strikes as protection for shipping after Iran's assault on three cargo vessels transiting the strait, while Tehran described the same events as retaliation for American aggression.

For readers, the reliable facts remain narrow. Both governments confirm renewed strikes, both claim the other started this round, and casualty and damage figures remain contested and largely unverified.

## What this means

The exposed parties are Gulf energy infrastructure and the global shipping that depends on Hormuz. Missiles landing on Bahrain and Kuwait raise the insurance and rerouting cost of every barrel and container moving through the region, and they keep an added risk premium in oil prices and a discount on Gulf equities and regional credit until the strikes stop.

## What to watch

- Whether Iran follows through on closing the Strait of Hormuz. The waterway has carried about 20 million barrels a day, and any real disruption would push oil prices higher and raise shipping and insurance costs across the Gulf.
- Whether US forces strike Kharg Island's oil export terminal itself rather than only nearby military sites. Earlier bombing there spared the oil infrastructure, so a direct hit would remove the bulk of Iran's crude exports from the market.
- Whether the threatened naval blockade actually materializes. A reimposed blockade would signal the United States intends to choke Iranian exports directly, not just retaliate strike-for-strike.
- Whether negotiations resume despite Trump calling them a waste of time. A return to talks would point toward de-escalation and unwind part of the oil price increase, while a full breakdown would point to a prolonged conflict.