US President Donald Trump has declared the ceasefire agreement with Iran 'over', blasting the country's leadership as 'scum' and 'cuckoo' after fresh exchanges of fire. Speaking ahead of a NATO summit in Turkey, Trump said US negotiators could continue talks 'if they want' but called it 'a waste of time'.

Oil prices spiked around 6% following Trump's comments, though they remain well below highs seen during the full closure of the Strait of Hormuz. The US and Iran renewed fighting late Tuesday into Wednesday in the worst exchange since signing an interim deal in June that called for an end to the conflict and safe passage of vessels.

'I think it's over. I don't want to deal with them anymore they're scum ... they're led by sick people and they're vicious, violent people,' Trump said. He also accused Iran of lying and being untrustworthy.

The fresh wave of strikes began after three oil tankers were attacked in the Strait of Hormuz. US Central Command (Centcom) said Tuesday it had launched 'powerful' strikes in response. Iran retaliated by targeting US military sites in Bahrain and Kuwait.

The US also revoked its temporary suspension of sanctions on Iranian oil sales. Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf accused the US of breaching the Memorandum of Understanding (MoU) and stated that 'the era of bullying and extortion is over'.

The 14-point MoU, signed on June 17, called for an 'immediate and permanent termination of military operations on all fronts' and safe passage of commercial vessels. However, this is not the first time strikes have occurred since the deal, with previous clashes on June 25 and a subsequent 'stand down' on June 29.

Source: www.bbc.co.uk