President Trump declared the US-Iran ceasefire “over” on July 8, sending Bitcoin down more than 2% as markets shifted into full risk-off mode. The announcement, made while Trump attended a NATO summit in Ankara, Turkey, came after renewed Iranian attacks on commercial shipping in the Strait of Hormuz, one of the most strategically important energy chokepoints on the planet.
What happened and why the ceasefire collapsed
The breakdown traces back to a fragile truce negotiated in June 2026, which followed months of escalating conflict between US and Iranian forces. That earlier fighting included strikes on military assets and nuclear facilities.
Iranian forces resumed attacks on commercial shipping vessels transiting the Strait of Hormuz, prompting the US Central Command (CENTCOM) to confirm a new phase of military operations. CENTCOM reported targeted US retaliatory strikes on Iranian positions in response.
Trump warned of additional strikes while at the NATO summit.
