Oil Prices Spike 5% as Trump Teases New Blitz on Iran, Tehran Vows to Close Hormuz.

Ceasefire declared "over" as tensions escalate, oil prices spike.

TRUMP THREATENS NEW ATTACKS ON IRAN:

US President Donald Trump warned Wednesday that the United States will "probably" launch fresh strikes on Iran tonight, saying "I'll give them a little warning: We're going to hit them hard tonight". 

Speaking at a NATO event in Turkey, Trump said "There's not a thing they can do about it" if Washington decides to target more Iranian ships. He also threatened to "knock down every bridge in Iran in one day" and take over Kharg Island, Iran's strategic oil hub. 

Trump declared the preliminary ceasefire deal with Tehran "over", calling Iran's leadership "scum" and "sick people". "To me, I think it's over. I don't want to deal with them". 

PENTAGON BACKS TRUMP'S WARNING:

Reinforcing the President's threat, Secretary of War Pete Hegseth said: "Tonight, if we need to, we will hit even more and even deeper". 

US forces had already launched "powerful" retaliatory strikes Tuesday night after Iran allegedly fired on ships in the Strait of Hormuz. 

IRAN VOWS TO SHUT STRAIT OF HORMUZ:

Tehran responded by vowing to fully close the Strait of Hormuz if attacked again. "Iran's new strategy is: after any strike, it will be fully closed". 

Iran also targeted US military sites in Bahrain and Kuwait following the US strikes. Iranian media reported explosions in port cities including Bandar Abbas, Sirik, and on Qeshm Island. 

GLOBAL IMPACT: OIL PRICES SURGE.

The escalation has rattled global markets. Brent crude jumped nearly 4.5% on the day after Trump's comments, with futures leaping more than 5% to $78.48 a barrel. 

Shipping data showed at least four oil and gas tankers turned back rather than transit the Strait of Hormuz, a vital supply route. 

CONTEXT: COLLAPSED TALKS

Trump said in Ankara that a memorandum meant to set the stage for broader peace negotiations with Tehran was "over". He added, "I don't know if we're going to have a deal. We may just do it without a deal". 

He also claimed the US has already blocked Iran's path to a nuclear weapon, saying "We've already got the nuclear material because it's so far underground, nobody's going to be able to get it except us".