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President Donald Trump’s illegal war with Iran is sending oil prices surging—again.

While attending the 36th NATO Summit of Heads of State and Government in Türikye on Wednesday, Trump said that the ceasefire agreement he struck last month with Iran is “over,” while adding, “I don’t want to deal with them,” in reference to the Iranians.

Shortly after the president’s remarks, Brent and West Texas Intermediate (WTI) crude oil prices each jumped by more than 4% during Wednesday trading, marking the end of a steady decline in prices that occurred in the weeks since the ceasefire deal was first announced.

Later in the day, Trump went on a lengthy rant about Democrats criticizing his failed campaign promise to bring down the price of groceries starting on his very first day in office, and he falsely claimed that the price of oil “is coming down very big.”

At this point, a reporter interjected and said that oil prices on Wednesday were surging upward.

“If we hit Iran, oil goes up a little bit,” Trump replied. “That’s all right.”

Trump on Inflation: And now inflation is way down. Everything is great. The prices are coming down. They made up a phony word: affordability. Oil is coming down very big.

Reporter: Brent crude is up today.

Trump: Every time we hit Iran, oil goes up a little bit. That’s all… pic.twitter.com/ZvG0a5RYZh
— Acyn (@Acyn) July 8, 2026

Although the price of gasoline has been following the price of oil downward, any increase in petroleum prices will almost certainly send it back upward.

In a social media post, petroleum industry analyst Patrick De Haan said the renewed fighting between the US and Iran, combined with Russia banning exports of diesel fuel, would likely cause more pain at the gas pump in the near future.

“With news of Russia suspending diesel exports, markets have accelerated their climb,” De Haan explained. “In addition, the current national average for diesel of $4.75 per gallon could head back to $5 per gallon in the next week or two, while the national average gas price heads to $4 per gallon.”

De Haan added that spot gasoline prices on Wednesday were up by between $0.14 and $0.20, projecting that “today’s jumps could start being passed along tomorrow and in the days ahead.”

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