Trump says ceasefire 'over' after US and Iran trade strikes overnight, causing oil prices to spike

President Donald Trump has declared the ceasefire with Iran "over," a significant pronouncement made at the NATO summit in Ankara, Turkey, on Wednesday. This declaration followed a series of renewed military exchanges, including fresh U.S. strikes against Iran and subsequent retaliatory attacks by Iran on U.S. bases in the Gulf region. The abrupt end to the interim agreement has intensified concerns over a broader regional conflict.

The escalating tensions immediately impacted global energy markets, causing oil prices to surge by nearly 6%. Brent crude and West Texas Intermediate both saw substantial increases, reflecting fears of supply disruptions from the Middle East. Adding to the pressure on Tehran, the Trump administration also revoked a sanctions waiver that had previously allowed Iran to sell its oil internationally.

President Trump expressed strong criticism of the Iranian leadership, dismissing the possibility of continued negotiations as a "waste of time." Despite this, some reports indicate that discussions to end the conflict may still be allowed to proceed, though with considerable doubt regarding their efficacy. The situation underscores a fragile peace framework and ongoing instability in the region.