Trump declares Iran ceasefire over after NATO summit, oil up 5%

On July 8, 2026, speaking at the NATO summit in Ankara, Turkey, US President Donald Trump declared the ceasefire with Iran effectively over, saying he no longer wanted to deal with what he called "scum" and "sick people." He accused Iranian officials of lying about the June 17 agreement and warned that if Iran had nuclear weapons they would use them. Trump said he would consult advisers Steve Witkoff and Jared Kushner but placed the burden on Tehran to restart talks.

The remark sent oil prices up about five percent, reflecting market fears of renewed Gulf tensions. For Nigeria, Africa’s largest oil producer, higher crude prices could boost export earnings but also raise domestic fuel costs if marketers pass on the increase. Motorists and businesses should watch pump prices at stations like NNPC retail outlets and consider budgeting for possible transport cost hikes. Consumers might also explore car‑pooling or fuel‑saving habits while the situation unfolds.

Will you adjust your travel budget or fuel usage if pump prices climb, or wait to see if the market stabilises?

SOURCE: https://dailypost.ng/2026/07/08/iran-ceasefire-is-over-trump-declares/