President Donald Trump announced early Wednesday that the interim agreement with Iran, aimed at pausing hostilities and reopening the Strait of Hormuz, is "over" following a series of U.S. military strikes against Iranian targets.

Speaking to reporters at the NATO summit in Ankara, Turkey, Trump labeled Iran as "scum" and expressed frustration with the ongoing conflict, stating, "As far as I’m concerned, it’s just a waste of time dealing with them [Iran]."

The U.S. Central Command had announced on Tuesday that it launched a series of "powerful" strikes in response to Tehran's attacks on at least three commercial vessels transiting the Strait of Hormuz.

Senate Democratic Leader Chuck Schumer (N.Y.) sharply criticized the collapse of the peace deal, calling it a "total, utter disaster." Schumer said, "This is what happens when an incompetent president launches a war with no objective, no plan, and no exit strategy — you lose."

He added that Americans are "paying the price" for the failure to reach a lasting deal, with troops back in harm’s way and high gas costs continuing to burden working families. Schumer urged the Trump administration to intensify serious negotiations, work with Congress, and deliver relief to American families.

The announcement came as a 60-day ceasefire between the United States and Iran appeared to be on the verge of collapse. Following Trump's comments, stock markets dropped and oil prices climbed above $75 a barrel.

The Trump administration had requested $67.1 billion in emergency defense spending last month to replenish weapons and munitions used during the four-month conflict that began in February.

Sources