Trump kills Iran interim accord, calls Tehran 'scum'
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- Trump declared the memorandum of understanding with Iran "over" at a NATO summit in Ankara, telling reporters "I don't want to deal with them" and calling Iran's leadership "scum" and "sick people" alongside NATO Secretary General Mark Rutte.
- The interim accord, brokered by Pakistan, had provided a 60-day window for permanent-agreement negotiations; indirect talks in Qatar ended last week with no progress.
- The US launched new military strikes on Iran and revoked a Treasury general license for Iranian oil sales after projectiles struck three tankers in the Strait of Hormuz.
- CENTCOM said it struck more than 60 small boats of Iran's IRGC; the IRGC retaliated by targeting US military sites in Bahrain and Kuwait.
- Iran's Khatam al-Anbiya Central Headquarters condemned the strikes as "blatant aggression," threatened a "crushing response," and warned the US not to interfere in managing the strait.
- The revoked Treasury license (issued June 22, permitting Iranian crude and petrochemical sales through Aug 21) gives Iran until July 17 to wind down transactions.
- Oil prices surged on the news: Brent jumped 5.3% to $78.09/barrel and WTI rose 5.4% to $74.23/barrel; SEB analyst Bjarne Schieldrop said the developments cast doubt on the 60-day process and that ~$80/barrel is more consistent with fundamentals than $70.
Why it matters: Trump's declaration collapses the diplomatic track before the 60-day window's first review, while the revoked oil license forces Iran to wind down transactions by July 17. The dual escalation pushed crude over 5% higher, with SEB's analyst pegging $80/barrel — not $70 — as the level consistent with current fundamentals.
