Fresh U.S. military action against Iran and President Donald Trump’s declaration that the interim accord is effectively finished pushed oil prices higher while U.S. stock futures remained in positive territory.

President Trump said Iran has "taken too long" to negotiate a peace deal with the US, adding that "now they will have to pay the price."

Trump ordered fresh strikes on Iran on July 8 and warned that the US would respond with much worse if Tehran continued attacking ships passing through the Strait of Hormuz, one of the world's busiest oil shipping routes.

Any renewed attacks would follow strikes by both the U.S. and Iran following the downing of a U.S. helicopter.

Trump had said that the ceasefire with Iran is "over" after Washington launched strikes on the country overnight, to which Iran responded by targeting US bases in the Gulf.

Iran's Revolutionary Guard says it'll extend attacks to more U.S. bases in the region if the U.S. continues to carry out strikes across Iran.

Trump on Wednesday, July 8, said he did not think a full-fledged conflict with Iran would erupt in the wake of military strikes from both sides.

The US military said on Wednesday it had launched a new wave of strikes against Iran aimed at reducing Tehran's ability to disrupt shipping through the Strait of Hormuz. US Central Command (CENTCOM),