US-Iran Truce Ends, Oil Prices May Face New Volatility

President Trump said the US-Iran ceasefire ended on July 8 after Iranian gunfire in the Strait of Hormuz—a shipping corridor where one-fifth of the world's oil passes through. The June truce had kept oil prices from spiking wildly. Without it, traders now expect bigger price swings. What Iran does next—escalate, deny, or negotiate—will determine whether oil prices climb significantly or settle down.