President Trump on Wednesday said he considers the ceasefire with Iran over and that while negotiations can continue, they are a “waste of time.”

Why it matters: Three weeks after the U.S. and Iran signed a peace deal that Trump described as “unconditional surrender,” both sides are launching fresh attacks and any sense of calm in the region has evaporated almost entirely.

Driving the news: The comments came just hours after the U.S. conducted a new round of strikes on Iran, retaliation for renewed Iranian attacks on commercial ships in the Strait of Hormuz.

What they’re saying: “To me, I think it’s over,” Trump said when asked about the ceasefire at the NATO summit in Turkey.

• “I don’t want to deal with them anymore. They’re scum,” Trump said.
• “As far as I’m concerned, it’s just a waste of time dealing with them.”

By the numbers: The price of oil skyrocketed after Trump’s comments, with the global benchmark Brent crude jumping 6% to nearly $79 in morning trading.

• At those levels, it’s back above pre-war prices after dipping just below.
• As part of the response to the latest Hormuz attacks, the U.S. also revoked a general license allowing the sale of Iranian oil, throwing more uncertainty into global supply.

Editor’s note: This is breaking news and will be updated.