US and Iran Exchange Strikes, Ending Ceasefire Declared at NATO Summit

President Donald Trump declared the ceasefire agreement with Iran over during a NATO summit in Ankara, Turkey, on July 8, 2026. He said the United States had launched strikes on more than 80 Iranian targets in retaliation for attacks on tankers and described negotiations as a waste of time. "As far as I'm concerned, it's over.

I'll speak to our negotiators, they want to negotiate. As far as I'm concerned, it's just a waste of time dealing with them," Trump said. He added that negotiators could continue talking if they wanted but that he did not see value in further dealings.

US Central Command completed the strikes on July 7, hitting air defense systems, command networks, coastal radar sites, anti-ship missile capabilities, and more than 60 small boats. The operation ended at 2:44 a.m. local time on July 8.

Trump stated the US strikes were 20 times more powerful than the Iranian attacks on shipping and that the United States had revoked a license allowing Iran to sell oil. Iranian Revolutionary Guard forces said they targeted 85 US military sites in Bahrain and Kuwait and claimed to have shot down a US MQ-9 drone.

Iranian forces had struck three commercial vessels in the Strait of Hormuz in recent days, according to US Central Command: the Marshall Islands-flagged Al Rekayyat, the Saudi Arabia-flagged Wedyan, and the Liberian-flagged Cyprus Prosperity.

The June 17, 2026, memorandum of understanding had paused military provocation and set a 60-day period for talks. It followed a war that began February 28, 2026. The overnight exchange of strikes marked the first major breach of that agreement.

After the remarks, S&P 500 futures fell 1.0 percent, Nasdaq 100 futures fell 1.3 percent. WTI Crude rose 5.0 percent and Brent Crude rose 6.0 percent, approaching $79 per barrel. Gold fell 2.5 percent.

Bitcoin traded below $62,000. Indian stocks tumbled and the rupee weakened.