U.S. President Donald Trump declared the ceasefire with Iran "over" on Wednesday, signaling a sharp escalation in hostilities following a night of reciprocal military strikes between the two nations.
Speaking at the NATO summit in Ankara, Trump described Iranian leaders as "scum" and "sick people", saying he no longer wished to negotiate. The announcement followed U.S. strikes on more than 80 targets in Iran after Iranian forces attacked ships in the Strait of Hormuz. Iran's Revolutionary Guard retaliated against U.S. military sites in Bahrain and Kuwait. Trump warned that Washington may target Iranian infrastructure, including power and desalination plants, and could resume a naval blockade.
Oil prices surged five percent following the remarks. The U.S. has also revoked sanctions waivers that had allowed Iranian oil sales.