India, July 8 -- US President Donald Trump declared that the ceasefire understanding with Iran was "over", signalling a sharp escalation in tensions after fresh military strikes and retaliatory attacks reignited fears of a wider regional conflict.

Speaking at the NATO Summit, Trump said he no longer wanted to engage with Tehran, accusing the Iranian leadership of dishonesty and warning against its nuclear ambitions. "For me, the memorandum of understanding is over. I don't want to deal with them anymore. They're liars... they're crazy. For me, it's over," Trump said.

The worsening security situation sent global energy markets sharply higher. Brent crude rose more than 5 per cent to nearly USD 78 per barrel, while US West Texas Intermedi...