Trump Declares Iran Ceasefire 'Over' as Oil Spikes 6%
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- Trump declared the ceasefire with Iran "over," calling Iranian leaders "scum" and "cuckoo" while speaking ahead of a NATO summit in Turkey
- Oil prices spiked approximately 6% following Trump's comments, though remained well below highs seen during the full closure of the Strait of Hormuz
- The US and Iran exchanged strikes late Tuesday into Wednesday — the worst since their June 17 interim deal — after three oil tankers were attacked in the Strait of Hormuz, prompting US Central Command to launch "powerful" retaliatory strikes
- Iran said it targeted US military sites in Bahrain and Kuwait in retaliation for the US strikes
- The United States revoked its temporary suspension of sanctions on Iranian oil sales, escalating economic pressure beyond Trump's rhetoric
- Mohammad Bagher Ghalibaf, Iran's parliamentary speaker, accused the US of breaching the Memorandum of Understanding, saying "the era of bullying and extortion is over"
- Talks had already been paused for funeral ceremonies for Ayatollah Ali Khamenei, who was killed on the first day of US-Israel strikes on Iran, with final rites set for Mashhad on Thursday
Why it matters: Beyond Trump's rhetoric, the US formally revoked sanctions relief on Iranian oil — a concrete economic escalation that tightens supply. With oil already spiking 6% and the June deal's 60-day safe-passage guarantee for Strait of Hormuz traffic now in tatters, energy markets face renewed volatility while negotiators lose their working framework during the Khameini funeral period.
