President Trump announced on July 8 that the ceasefire between the United States and Iran is officially “over,” even as both sides agreed to keep talking. The declaration, made during a NATO summit in Turkey, effectively killed a memorandum of understanding that had been in place since mid-June and immediately triggered renewed military exchanges in one of the world’s most strategically sensitive regions.
What happened and why it matters
The now-defunct ceasefire was part of a 60-day memorandum of understanding established in mid-June 2026. It was itself an extension of an earlier truce that had been announced with indefinite extensions back in April 2026.
Trump characterized the interim deal as a possible “waste of time.” Within days of the declaration, US forces struck Iranian military assets. Iran retaliated against US interests in the region, with responses reported around Bahrain and Kuwait. The renewed military exchanges lasted at least two days, according to available reporting.
The macro transmission mechanism to crypto














