Trump’s mouth—just after talking about a ceasefire, he flips on a dime, calling them scum. How could they possibly stay seated at the negotiating table? First, the energy market shakes; the Hormuz powder keg is really the kind that can explode the moment it’s said.

Trump stated at the NATO summit that his temporary ceasefire with Iran has ended, increasing the likelihood of further escalation in the conflict between the two sides. He expressed pessimism about negotiations, calling the other side scum, but said he would not prevent negotiators from making contact. Earlier, the U.S. launched a new round of strikes against Iran and revoked oil waivers in response to the attack in the Strait of Hormuz, driving volatility in energy markets and testing the fragile U.S.-Iran agreement.