Turbulence in oil prices as Trump resumes fresh military offensive

Trump said the Iran deal is effectively finished following renewed fighting and accused Tehran of violating its commitments.

The United States launched new strikes, reinstated sanctions on Iranian oil, and blamed Iran for attacks on commercial shipping in the Strait of Hormuz.

Iran retaliated by targeting US military sites in Bahrain and Kuwait, further escalating tensions across the Gulf.

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US President Donald Trump has said the deal with Iran “is over” following renewed fighting in recent hours.

Speaking at the NATO summit in Ankara, Turkey, he also said that the Iranian leadership was “scum,” “liars,” and “cheats.”

Trump was speaking after sirens wailed in Bahrain and Kuwait, where authorities said they were dealing with hostile strikes.

The United States launched a new round of military strikes against Iran and revoked a key sanctions waiver covering Iranian oil sales after accusing Tehran of attacking commercial shipping in the Strait of Hormuz, putting a fragile cease-fire into peril.

The twin moves mark the most serious crisis since the United States and Iran signed a 60-day memorandum of understanding (MOU) last month aimed at ending hostilities and reopening one of the world’s most important maritime chokepoints.

Trump has suggested that the deal is now dead.

“To me, I think it’s over. I don’t want to deal with them anymore. They’re scum,” Trump said. “They’re sick people. They’re led by sick people. They’re vicious, violent people, and if they had a nuclear weapon, they’d use it. As far as I’m concerned, it’s over.”

Trump did add that negotiations with Iran could continue, but added: “As far as I’m concerned, it’s just a waste of time dealing with them. They’re liars.”

The US military said the strikes were a direct response to what it described as Iranian attacks on three commercial vessels transiting the Strait of Hormuz, including a Qatari liquefied natural gas (LNG) tanker.

“The attacks were designed to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” US Central Command (CENTCOM) said in a statement, calling Iran’s actions “unwarranted, dangerous, and a clear violation of the cease-fire.”