(Sharecast News) - US President Donald Trump has said the ceasefire with Iran is over after both countries exchanged strikes overnight.
Speaking to reporters at the Nato summit in Ankara, Turkey, Trump said he thought the ceasefire was over.

"I don't want to deal with them anymore," Trump said, adding that Iranian leaders are "scum".

"They're scum, they're sick people. They're led by sick people. And 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 said he would let US negotiators continue to talk with Tehran but insisted it was "a waste of time" dealing with the Iranians, accusing them of being liars.

Oil prices surged on the back of Trump's comments and by 0944 BST, Brent crude was 5.4% higher at $78.14 a barrel and West Texas Intermediate was up 5.6% at $74.38. Stock markets also took another leg lower after Trump's comments, with the benchmark Stoxx 600 down 1.6% and London's FTSE 100 1.4% lower.

Oil prices had already shot up as the US launched "a series of powerful" strikes against Iran on Tuesday after three oil tankers were attacked in the Strait of Hormuz. In a post on X, the US Central Command said: "Strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz. Iran's demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire."

Centcom later confirmed that more than 80 targets had been hit during the strikes.

"US forces struck Iranian air defence systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait (of Hormuz) to degrade Iran's ability to continue attacking international commerce flowing through the international trade corridor," it said in a statement.

Also in response to the attacks in the Strait of Hormuz, the US has revoked a waiver that allowed Iran to sell oil. The waiver was issued as part of the interim peace deal between the two.

Neil Wilson, UK investor strategist at Saxo Markets, said: "President Trump woke up in a very bad mood ... Equity markets lurched lower and oil kicked on after Trump said the ceasefire between the US and Iran was 'over'.

"Sentiment was already wobbling at the open after the US and Iran traded military strikes but Trump's remarks set sparks flying - the comments underscored fears that we could see further escalation and a return to pre-MOU conditions...for what it's worth I don't think this is the base case as a) Trump is wont to throw around threats and b) both sides need to return to a kind of hazy pre-war 'normality'.

"But it clearly seems the risk of a total breakdown in negotiations has increased and markets are reflecting this fresh dynamic. Rotation out of semis is stalling and becoming more like a broader downturn for risk assets."

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