U.S.President Donald Trump declared an interim agreement to end the war with Iran as 'over' following renewed military clashes between the two nations.The conflict escalated after Iran launched attacks on U.S.military sites in Bahrain and Kuwait in response to U.S.strikes on Iranian targets in the Strait of Hormuz.This has undermined a fragile ceasefire agreement signed in June 2020, which aimed to prevent further hostilities.Oil prices surged by over 5% as tensions flared, with Brent crude futures reaching $78 per barrel.Analysts note that Iran's attacks on shipping lanes in the Strait of Hormuz have amplified its leverage over global oil markets.The U.S.military operation targeted Iranian air defense systems, coastal surveillance, and drone launch sites, while Iran accused the U.S.of breaching the ceasefire.NATO and EU officials condemned the renewed violence, warning it complicates ongoing peace talks.The situation highlights the ongoing geopolitical struggle over control of the strategic waterway and the broader conflict between the U.S.and Iran.