War clouds loom over Iran once again? Hegseth cancels Israel trip, oil prices rise as Trump says peace deal is ‘over’
&imwidth=600&imheight=450&format=webp&quality=medium "War clouds loom over Iran once again? Hegseth cancels Israel trip, oil prices rise as Trump says peace deal is ‘over’")
Security forces stand in front of a portrait of Iran's slain supreme leader Ali Khamenei in Iraq Photograph: (AFP)
Trump said the peace MoU is "over" after renewed tit-for-tat strikes. Oil prices are surging again. Pete Hegseth cancelled his Israel trip. Is Iran war back?
Tensions in the Middle East have escalated as US President Donald Trump said on Wednesday (Jul 8) that the US-Iran Memorandum of Understanding (MoU) is "over", following renewed strikes and alleged violations by both sides. Trump's remarks at the NATO summit in Ankara, Turkey, sparked rise in oil prices and stock market volatility across the world. US Defense Secretary Pete Hegseth cancelled a planned trip to Israel, Israeli media reported. Is the war back?
Trump thinks further dealings with Iran are a waste of time
Making some harsh remarks in which he described Iranian leaders as "scum", the US president said further dealings with them were a waste of time. He allowed negotiators to continue talks if they wished, but said the MoU was "over". Just hours earlier, US and Iranian forces had traded strikes, including military actions around the Strait of Hormuz.
Iran accuses the US of violating the MoU, strikes sites in Kuwait, Bahrain
Iran accused the US of violating the MoU, which was signed in mid-June 2026 at the Palace of Versailles and aimed at ending the active hostilities that began in late February. The MoU was intended to reopen the Strait of Hormuz, restore freedom of navigation for commercial shipping, reduce military tensions in the Gulf, and lay the groundwork for broader diplomatic talks.
Reports said that Iran targeted military interests in Kuwait and Bahrain. The Islamic Revolutionary Guard Corps (IRGC) said one of its fighters was killed in an ‘enemy drone strike’, according to Iranian state media. A senior IRGC commander warned that any location supporting US attacks would be considered a legitimate target, Iranian state media reported.
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Oil markets react immediately to war talk
Oil prices are rising - by up to 6 per cent in some cases- at the time of writing this, amid fears that hostilities would resume. Brent crude prices jumped towards $79 per barrel as traders reacted to the risk of disruption to roughly 20 per cent of global oil flows that pass through the Strait of Hormuz. Earlier in the conflict, prices had surged dramatically to more than US$120 per barrel at their peak before easing following the truce.
The latest volatility echoes previous price spikes linked to attacks on shipping and energy infrastructure in the region.
US Defense Secretary Pete Hegseth cancels Israel trip
The Jerusalem Post reported citing sources that Hegseth cancelled a planned visit to Israel on Wednesday, during which he was due to meet Prime Minister Benjamin Netanyahu and Defence Minister Israel Katz. Hegseth, who is in Ankara with Trump for the NATO summit, was expected to make a brief visit in the wake of the overnight US strikes against Iran, which Washington said were in response to Iranian attacks targeting three commercial tankers in the waters off Oman, near the Strait of Hormuz, the report said.
(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)
