Key facts
- Hostilities have resumed between the US and Iran following US military strikes.
President Donald Trump has declared a ceasefire with Iran over, calling its leaders "scum" after the US military launched strikes around the Strait of Hormuz. Tehran accused the US of violating the agreement, leading to an immediate rise in oil prices.
The escalation of hostilities between the US and Iran, coupled with the collapse of a ceasefire and renewed sanctions, threatens regional stability and could lead to further increases in oil prices, impacting global markets.
Hostilities have resumed between the United States and Iran, with President Donald Trump declaring a fragile ceasefire over. Tehran accused the US of violating the agreement intended to end the war after US military strikes were launched around the Strait of Hormuz and a temporary sanctions waiver for Iranian oil exports was revoked.
Speaking at the Nato summit in Ankara, Trump stated that the memorandum of understanding with Iran was concluded and described the country's leaders as "vicious, violent people" whom he would not deal with, calling them "scum." He indicated, however, that talks might continue.
Nato Secretary General Mark Rutte supported the US actions, stating that Iran's violation of the ceasefire made a forceful US reaction crucial.
The US military reported hitting more than 80 targets in response to Iranian attacks on three commercial vessels passing through the Strait of Hormuz. Iran, through the Islamic Revolutionary Guard Corps, claimed to have targeted 85 facilities in retaliation at US military sites in Bahrain and Kuwait.