Trump says ceasefire ‘over’ after US and Iran trade strikes

Key Points:

• US President Donald Trump declared the Memorandum of Understanding (MOU) with Iran “is over” following US retaliatory strikes against Iranian targets, which were in response to Iranian attacks on commercial ships near the Strait of Hormuz.
• Iran responded by launching missiles and drones at 85 US military targets across Bahrain and Kuwait, escalating tensions further, while Iran’s foreign ministry blamed the US for breaking the ceasefire and treaty obligations.
• NATO Secretary General Mark Rutte supported the US strikes as “absolutely necessary” and highlighted significant increases in defense spending by European and Canadian allies, despite Trump’s ongoing criticisms of NATO members, especially Spain.
• The conflict escalation caused global economic impacts, with oil prices surging over 6% and stock markets falling sharply due to renewed fears of stagflation and geopolitical instability.
• The NATO summit in Turkey is now overshadowed by the US-Iran conflict, complicating discussions on defense spending, alliance commitments, and broader geopolitical issues, including US concerns over Greenland and the sale of F-35 jets to Turkey.