Trump: US-Iran Memorandum of Understanding Has Ended, Oil Prices Rise Over 5%

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US President Trump said at the NATO summit that he believes the US-Iran Memorandum of Understanding "has ended" and that too much time has been wasted on Iran. The news weighed on Dow futures, widening the decline.

Dow Jones futures were last at 52820 points, down 377 points. Oil prices surged, with NYMEX crude oil futures now at $74.05 per barrel, up $3.63 or 5.15%; Brent crude oil at $77.96 per barrel, up $3.8 or 5.12%.

The US Central Command earlier stated that the US military has begun to resume a series of powerful strikes against Iran in response to Iran's targeting and attacks on commercial shipping operated by civilian crews in international waterways. The US Treasury announced that starting Tuesday, no new Iran oil-related transactions shall be conducted, and revoked the 60-day Iran energy sanctions waiver that was in effect until late August.

Iran condemns US attacks and violations

Iran's Foreign Ministry issued a statement saying that the US military launched military attacks on several monitoring and regulatory centers on Iran's southern coast early this morning, violating relevant provisions of the UN Charter and also seriously violating the terms of the previously signed US-Iran Memorandum of Understanding regarding the cessation of military operations.

The statement said that the recent US attacks on Iran, as well as the US Treasury's decision to cancel Iran's oil sales permits and violate Iran's arrangements related to the Strait of Hormuz, etc., have rendered the important contents of the signed Memorandum of Understanding null and void. Iran's Foreign Ministry stated that the US should bear responsibility for the resulting escalation of tensions and its dangerous consequences.

The statement emphasized that all countries, especially those on the southern coast of the Persian Gulf, have obligations under international law to prevent relevant parties from using their territory and facilities to carry out "aggressive acts" against Iran. Any act assisting such actions will be regarded by Iran as participation in "aggression" against Iran.

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