A temporary ceasefire between the United States and Iran that had brought oil prices back to pre-war levels appears to have collapsed. After the US military launched fresh strikes on Iranian targets in response to reported attacks on commercial vessels, President Donald Trump declared the truce over, saying he would still allow negotiations but described further dealings with the Iranian side as futile, according to reports. Iran then accused the US of violating the agreement and struck American military positions in the Gulf. Conflict experts said the back-and-forth strikes would likely continue, suggesting earlier market optimism about a lasting peace was probably premature.