Following a series of attacks and counterattacks between the two countries, US President Donald Trump has announced that the ceasefire with Iran has “ended.” He stated, “I no longer want to make a ‘deal’ with them; they are bad people. They are sick. They are being led by sick people. They are harmful and violent individuals. If they had nuclear weapons, they would use them. In my view, this is now over.” Trump emphasized that continuing negotiations with Iran is a waste of time.
Against this backdrop, on Tuesday, after attacks on three oil tankers in the Strait of Hormuz, the US launched strikes on over 80 Iranian targets. Iran has denied responsibility for the tanker attacks. However, following the US strikes, Iran warned of retaliatory attacks on American military infrastructure located in Bahrain and Kuwait. Last month, Tehran and Washington had signed a memorandum of understanding aimed at extending the ceasefire on all fronts.
Meanwhile, NATO chief Jens Stoltenberg accused Iran of violating the ceasefire and described the US strikes as “completely necessary.” On the other hand, Iranian Parliament Speaker Mohammad Bagher Ghalibaf claimed that the US had breached the ceasefire agreement.
Following Trump’s announcement of the ceasefire’s end, international oil prices surged immediately. Prior to his statement, West Texas Intermediate (WTI) crude oil was trading slightly below 76 US dollars per barrel, but prices quickly rose to 78 dollars. Further increases in oil prices are expected.
