US President Donald Trump gestures as he meets with NATO Secretary General on the sidelines of the NATO summit in Ankara, on July 8, 2026.

US President Donald Trump said Wednesday the ceasefire with Iran was "over" following major exchanges of fire between US forces and the Islamic Republic.

Trump blasted Iran as "scum" and "cuckoo" after Washington launched strikes on the Islamic Republic overnight and Iran's Guards said they had targeted US bases in the Gulf.

Oil prices jumped five percent after Trump's remarks.

"I think it's over. I don't want to deal with them any more; they're scum," Trump said at a NATO summit in the Turkish capital Ankara when asked if the truce with Iran was now finished.