President Donald Trump announced Wednesday that the U.S. military is preparing for another round of strikes against Iran, just hours after declaring the temporary ceasefire effectively dead. The remarks, made during a NATO summit in Ankara, Turkey, came in response to renewed Iranian attacks on American military sites in the Gulf region.

“We hit them very hard last night,” Trump told reporters. “We’ll probably hit them hard again tonight.”

The president accused Iran of “behaving very badly” and pointed to ongoing drone and missile attacks on commercial shipping vessels in the strategic Strait of Hormuz as justification for the U.S. military response.

Ceasefire Collapses Amid Rising Tensions

Trump’s declaration that the interim agreement to pause hostilities was “over” has sent shockwaves through global markets and raised fears that the war with Iran could reignite in full force. While the president indicated that negotiations could technically continue, he expressed little optimism about their prospects.

“They can talk, but I think they’re wasting their time,” Trump said, casting doubt on any diplomatic resolution.

The breakdown in ceasefire talks comes at a particularly delicate moment. Negotiations for a final deal had been scheduled to begin after the conclusion of the dayslong funeral for Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed on Feb. 28 in the early stages of the conflict. The funeral period, which ends Thursday, was intended to be a window of reduced tensions.

Iran Vows Defiance as U.S. Strikes Intensify

Iranian leadership has shown no signs of backing down. Parliament Speaker Mohammad Bagher Qalibaf issued a defiant statement on social media, writing: “The era of bullying and extortion is over. It leads nowhere. We don’t fold.”

The U.S. military’s Central Command confirmed that American forces launched strikes “to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.”

According to military officials, the strikes targeted Iranian air-defense systems, radars, and more than 60 small boats operated by Iran’s paramilitary Revolutionary Guard. These vessels have been instrumental in threatening commercial shipping in the Strait of Hormuz, a critical waterway through which approximately one-fifth of the world’s traded oil and natural gas passed before the war.

Oil Prices Spike on Renewed Conflict Fears

The escalating tensions have already had immediate economic consequences. Following Trump’s comments, the price of Brent crude, the international benchmark, spiked more than 5%. The Strait of Hormuz remains a vital artery for global energy supplies, and any renewed conflict threatens to once again disrupt shipments.

Regional Impact and Military Response

Iran’s ability to effectively halt shipping in the waterway during the war has proven to be its greatest strategic advantage, putting pressure on the U.S. to reach a deal amid rising prices for energy, fertilizer, and food.

The U.S. military has stated it remains “prepared to hold Iran accountable when the agreement is not adhered to or obeyed,” adding that the current round of attacks had concluded.

Iranian state media reported explosions in multiple locations, including in Bandar Mahshahr, where a Revolutionary Guard member was killed, and in Bushehr, home to Iran’s nuclear power plant complex.

On Wednesday morning, both Bahrain—home to the U.S. Navy’s 5th Fleet—and Kuwait, which hosts U.S. Army forces, sounded missile alerts. The Revolutionary Guard acknowledged targeting U.S. military installations in both countries. Kuwait said it successfully intercepted two ballistic missiles and 13 drones launched by Iran, though the Kuwaiti Electricity Ministry reported that several power lines were knocked out of service by shrapnel.