This is breaking news, developing right now:
President Trump has declared the Iran ceasefire "over."
Speaking at the NATO summit in Ankara, Turkey (sitting next to NATO Secretary General Mark Rutte), Trump said his tentative ceasefire with Iran is over, telling reporters "For me, I think it's over," and "As far as I'm concerned it's just a waste of time."
What led to this:
Iran had responded to US strikes with attacks on Bahrain and Kuwait, in a crossfire that seemingly raised the risk that the memorandum of understanding struck on June 17 to halt fighting in the war would break down
Iran launched attacks against American bases in the Gulf, retaliating for a new wave of strikes by the US military after it said Tehran hit three commercial ships in the Strait of Hormuz
The US also revoked Iran's ability to sell oil on the global market
Prior to Trump's comments, Iran said that US and Israeli actions had rendered key and fundamental elements of the agreement to end the war ineffective, according to Iran's foreign ministry
The escalation came as Iran was holding a massive, dayslong funeral for its slain Supreme Leader Ayatollah Ali Khamenei
Trump's tone was harsh — he called Iranian leadership "scum," saying "They're scum. They're sick people. They're led by people, and they're vicious, violent people," and added "if they had a nuclear weapon, they'd use it". He did say negotiators could keep talking, but dismissed it as a waste of time.
Market reaction: Oil prices skyrocketed after Trump's comments, rising more than 5% in morning trading — which directly explains why you're seeing Dow futures under pressure. This is a major escalation risk that will likely move markets sharply today, layered right on top of the FOMC Minutes release this afternoon.
Worth noting: Iran has not yet commented on whether it considers the ceasefire or interim agreement over, so this is still a one-sided declaration from the US side as of now. This story is moving fast — I can keep checking for updates if you want.
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