ANKARA, Turkey — In a stunning development that has sent shockwaves across the globe, U.S. President Donald Trump announced on Wednesday that the hard-fought ceasefire with Iran is officially “over.”
Speaking from the sidelines of the NATO summit in Ankara alongside NATO Secretary-General Mark Rutte, Trump delivered a scathing assessment of the situation, effectively tearing up the Islamabad Memorandum signed just last month on June 17.
Why Did Trump Say This?
The sudden collapse of the truce follows a dramatic escalation in the vital Strait of Hormuz waterway. On Tuesday, July 7, three commercial vessels—the Qatari LNG tanker M/T Al Rekayyat, the Saudi-flagged M/T Wedyan, and the Liberian-flagged M/T Cyprus Prosperity—were targeted by maritime strikes.
Washington squarely blamed Tehran for violating the truce, prompting an immediate and massive military response from U.S. Central Command (CENTCOM). Overnight, U.S. forces launched a wave of offensive strikes targeting over 80 Iranian military positions, including coastal radar networks, air defense systems, and more than 60 Islamic Revolutionary Guard Corps (IRGC) small boats.
When pressed by reporters in Ankara on whether the 14-point peace framework was dead, Trump did not hold back:
“For me, I think it’s over. I don’t want to deal with them any more, they’re scum. They’re sick people, they’re led by sick people, and they’re vicious, violent people… As far as I’m concerned, it’s just a waste of time dealing with them. They’re liars.”
Trump accused Iranian leaders of leaving the negotiating table only to joke to the international press and quickly resume hostilities, calling them “cuckoo.” While he noted that top U.S. negotiators like Jared Kushner and Steve Witkoff could technically keep talking if they wanted to, he made it clear that his administration considers the deal void.
What Will Happen Now?
The region is now teetering on the edge of all-out war once again, threatening to reignite the intense conflict that initially erupted on February 28, 2026.
The immediate fallout is severe:
- U.S. Revokes Oil Permits: The White House has instantly revoked the temporary oil sales authorization previously granted to Iran under the truce framework.
- Iranian Retaliation: In response to the U.S. airstrikes on its Hormozgan province and the port city of Mahshahr, Iran’s Khatam al-Anbiya Central Headquarters warned of a “crushing response.” Tehran claims to have already targeted 85 U.S. military assets across Bahrain and Kuwait, including hitting a U.S. base in Bahrain, and boasts of shooting down an American MQ-9 Reaper drone.
- NATO and International Alignments: NATO Chief Mark Rutte firmly backed the overnight U.S. military response, calling it “absolutely necessary.” Meanwhile, China’s Foreign Ministry issued an urgent warning to both Washington and Tehran against “reigniting the war,” pleading for an immediate return to dialogue
Market Shockwave: How Global Markets are Reacting
The reality of a resumed conflict in the Middle East has instantly rattled international boardrooms and trading floors. Because the Strait of Hormuz handles roughly 20% of the world’s traded oil, any direct threat to shipping traffic guarantees an immediate economic toll.
| Asset Class | Market Reaction | Impact Details |
| Crude Oil | Surged 5% | Brent Crude and WTI jumped instantly following Trump’s remarks, factoring in a renewed global fuel crisis. |
| Global Equities | Sharp Retreat | Major stock indices in New York, London, and Tokyo pulled back heavily as investors rushed toward safe-haven assets. |
| Aviation & Tourism | Downward Pressure | Rising fuel costs and re-routed flight paths around Middle Eastern airspace are expected to severely pinch airline profit margins. |
With insurance premiums for commercial tankers skyrocketing and military assets mobilizing on both sides, the international community is bracing for what comes next.
Stay tuned to ABT NEWS as this story develops. We will bring you live, minute-by-minute updates directly from Ankara and the Persian Gulf.
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