President Donald Trump declared that a temporary ceasefire with Iran had collapsed and signaled the U.S. would launch further military strikes, following Iranian attacks on American bases in Bahrain and Kuwait. The escalation came after U.S. forces targeted Iranian oil infrastructure and military assets in retaliation for assaults on tankers in the Strait of Hormuz. Trump stated that the U.S. had destroyed 28 Iranian vessels in overnight operations and indicated more strikes were likely. The breakdown of the interim accord, which had been signed in June, raised oil prices by about seven percent and renewed uncertainty over global energy shipping routes. Iran accused the U.S. of violating the truce and warned it could close the strategic strait.