Trump rejects US-Iran ceasefire deal, revokes oil license

Key Takeaways

US President Donald Trump declared the interim accord with Iran to end the conflict is over.
The US revoked a license allowing Iran to sell oil after three tankers were hit in the Strait of Hormuz.
NATO leaders met in Ankara, where Trump criticized the alliance and hinted at potential troop withdrawals from Europe.

US President Donald Trump has declared that the memorandum of understanding signed with Iran to end the conflict is 'over,' according to a statement made during his visit to Ankara. The interim ceasefire agreement was intended to provide a 60-day window for negotiations on a permanent deal, but indirect talks in Qatar ended without progress.

In a series of harsh statements, Trump described Iran as 'scum' and 'sick people.' He added that he does not want to engage with Tehran. 'As far as I’m concerned, it’s just a waste of time dealing with them,' he said ahead of the NATO summit in Ankara.

The US military has also taken action against Iran, unleashing new strikes on Tuesday. The US Treasury had previously issued a license allowing Iran to sell crude oil and petrochemical products through August 21, but this was revoked on Tuesday, giving Iran until July 17 to wind down any transactions.

During his visit, Trump also criticized NATO, expressing disappointment with the alliance and suggesting that European nations are not contributing enough to their own defense. He said, 'Why are we spending hundreds of billions of dollars, and they’re not there for us? We’ve always been there for them.'

NATO leaders met in Ankara to address these concerns, aiming to convince Trump to recommit to the alliance. The summit comes after Trump had revived his disputes with NATO over Iran and Greenland. European officials have defended their contributions, stating that they largely honored their commitments despite not being consulted about the conflict.

The US-Iran agreement was intended to provide a temporary ceasefire but failed to achieve its goals. The revocation of the oil license underscores the deteriorating relations between the two countries. Trump’s statements and actions are likely to have significant implications for regional stability and international trade.

NATO's European leaders sought to demonstrate their commitment by unveiling arms deals worth at least $50 billion, aimed at boosting defense spending among member states. However, these efforts may not be enough to placate Trump, who has been critical of the alliance throughout his presidency.