US-Iran ceasefire over, talks continue
Analysis based on 66 articles · First reported Apr 20, 2026 · Last updated Jul 14, 2026
Oil prices experienced their biggest weekly rise in eight weeks due to renewed fighting in the Gulf, increasing costs for US consumers. The Strait of Hormuz, handling a fifth of global oil and LNG shipments before the war, remains largely under Iranian control, threatening global energy supplies and shipping.
President Donald Trump declared the US-Iran ceasefire over on July 10, 2026, but agreed to continue talks after Iran requested further negotiations. The ceasefire, established in June 2026, unraveled following renewed hostilities around the Strait of Hormuz, including Iranian attacks on commercial tankers and US airstrikes on Iranian military targets. Iran disputed Trump's characterization, stating it had not requested talks but agreed to host a Qatari mediator. The US demanded Iran publicly halt attacks on ships in the Strait of Hormuz. Oil prices rose amid the escalation, and US gasoline inventories fell. The conflict, which began on February 28 with US-Israeli strikes on Iran, has killed thousands and disrupted global energy supplies. Iran's Supreme Leader Ali Khamenei, killed on the first day of the war, was buried on July 9. His successor Mojtaba Khamenei has not appeared publicly. Qatari negotiators visited Iran to de-escalate tensions. Iran's Foreign Minister Abbas Araghchi will visit Oman to discuss safe passage through the Strait. The US Treasury revoked a waiver allowing Iran to sell oil globally. Iran warned of reciprocal action against any breach of commitments.
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