President Donald Trump announced that the ceasefire agreement with Iran, signed three weeks prior, was "over" following new Iranian attacks on commercial vessels in the Strait of Hormuz. Despite this declaration of the ceasefire's end and his strong criticism of Iranian leaders, whom he called "scum" and "cuckoo", Trump indicated that talks with Iran could still continue. He stated, "I'll let our wonderful negotiators keep talking if they want," specifically mentioning Steve Witkoff and Jared Kushner as his envoys, although he personally viewed further negotiations as "a waste of time."
The US had responded to the Iranian attacks with massive overnight bombing campaigns, striking over 80 targets in Iran and revoking a temporary suspension of sanctions on Iranian oil sales, a key concession from the initial memorandum of understanding. Trump warned of more potential strikes, saying, "We're going to hit them hard tonight." This escalation has led to increased tensions, with Iran retaliating by targeting US military sites in Bahrain and Kuwait.
The situation has sparked concern among international bodies, with Oman calling for restraint and the EU condemning Iran's attacks. The renewed hostilities have also impacted global markets: Brent crude oil prices rose by 6%, reaching close to $79 a barrel, while European stock markets, including Germany's DAX, fell over 2%, and Wall Street futures also showed declines. The Australian dollar dropped to approximately 69 US cents, reflecting the geopolitical uncertainty.
