Oil prices and energy stocks climbed early Wednesday as President Donald Trump said the cease-fire with Iran was "over."

When asked if the cease-fire and memorandum of understanding was over, at the North Atlantic Treaty Organization summit in Ankara, Turkey, Trump said: "It's a very interesting question.

"To me, I think it's over. I don't want to deal with them anymore,".

Brent crude futures, the international benchmark, rose 6% to $78.89 a barrel, while West Texas Intermediate futures were up 6.1% at $74.73. Both benchmarks rose around 3% on Tuesday and are currently around 30% up in 2026.

Oil stocks were set for a second day of gains-- Occidental climbs 4.5% in pre-market trading, while Exxon Mobil and Chevron each gain over 3%.

However, Trump appeared to leave the door open for more negotiations.

"I'll speak to our negotiators, they want to negotiate. As far as I'm concerned, it's just a waste of time dealing with them," he added.

U.S. Central Command said American forces hit more than 80 targets in a new round of strikes against Iran Tuesday, including air defense systems, command and control networks, radar sites and more than 60 Islamic Revolutionary Guard Corps small boats. It comes after the U.S. government revoked sanction waivers on Iranian oil.

(END) Dow Jones Newswires