Trump says Iran ceasefire is over and U.S. launches more strikes

President Donald Trump said the ceasefire with Iran was over on July 8, and reporting from AP and the Financial Times said the U.S. military then carried out another round of strikes on Iranian targets.

The latest escalation adds new pressure to an already fragile standoff centered on the Strait of Hormuz, the narrow waterway through which a large share of global oil flows. Markets quickly reacted to the risk of disruption.

Trump declares the truce over

AP reported that Trump said the ceasefire was over after a fresh surge in tensions with Iran. Axios and the Financial Times quoted him as saying the talks were a waste of time and that the truce had effectively ended.

The comments came during the NATO summit in Ankara, where Trump signaled that the confrontation was not necessarily moving toward full-scale war, but warned that any further Iranian attacks would bring worse consequences.

U.S. strikes follow

AP and the Financial Times reported that the U.S. military then launched additional strikes on Iran, describing them as a second day of attacks. The reporting agreed that the exchange was still unfolding and that the latest action was not the last word in the crisis.

According to the Financial Times, CENTCOM said the strikes were meant to further degrade Iran’s ability to threaten freedom of navigation in the Strait of Hormuz. AP said the earlier exchanges followed Iranian attacks on commercial vessels and U.S.-affiliated targets.

AP also reported explosions in Iranian port cities including Bandar Abbas, Sirik and Bushehr. The scale of the damage remained unclear in the reporting available Tuesday.

Market reaction and shipping risk

Oil prices jumped sharply after the latest news. AP and FT said Brent crude rose more than 5% and briefly topped $80 a barrel as traders priced in a higher geopolitical risk premium.

Global equities also weakened as investors weighed the possibility of a wider conflict and of shipping interruptions in the Gulf. The reaction underscored how quickly the confrontation is feeding into markets beyond the region.

The Strait of Hormuz is one of the world’s most important maritime chokepoints, and any threat there can affect energy markets far beyond the Middle East. Even a limited strike cycle can raise fuel costs, stoke inflation worries and slow tanker traffic.

What to watch next

The main unanswered questions are how many targets were hit in the latest U.S. strike wave, what damage was done, and whether Iran will respond formally beyond state media coverage.

Officials have not yet provided a full public accounting of the scope of the strikes. The next developments to watch are any CENTCOM or White House readout, any Iranian retaliation, and whether diplomacy remains active after Trump’s remarks.

Traders will also be watching whether shipping through the Strait of Hormuz slows further and whether oil prices extend their gains into the next session.