The United States launched new military strikes against Iran after an Iranian drone hit a Panama-flagged tanker in the Strait of Hormuz, marking the most serious breakdown of a two-week-old interim peace deal. Both Washington and Tehran have accused each other of breaking the agreement that was meant to end four months of hostilities. In a social media post Saturday, President Donald Trump warned that if the U.S. is forced to complete its military campaign, Iran would cease to exist. The U.S. military said it targeted Iranian surveillance, communications, and drone facilities in response to what it called continued attacks on commercial shipping. Iran reported explosions in southern Iran and said it had retaliated against U.S.-linked positions. The escalation threatens the reopening of a key global oil route, with hundreds of ships previously blockaded in the Gulf beginning to move again, driving oil prices down.