Ankara, Turkey - President Donald Trump said Wednesday the ceasefire with Iran was "over" following major exchanges of fire between US forces and the Islamic republic.

Trump blasted Iran as "scum" and "cuckoo" after Washington launched strikes on the Islamic Republic overnight and Iran's Guards said they had targeted US bases in the Gulf.

Oil prices jumped 5% after Trump's remarks.

"I think it's over. I don't want to deal with them any more, they're scum," Trump said at a NATO summit in the Turkish capital Ankara when asked if the truce with Iran was now finished.

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"They're scum, they're sick people, they're led by sick people, and they're vicious, violent people. And if they had a nuclear weapon, they'd use it," the president claimed.

"As far as I'm concerned, it's over."

Trump said he would speak to businessman-turned-negotiator Steve Witkoff and his son-in-law Jared Kushner, who have been dealing with the Iranians, but insisted it was up to Tehran to return to the table.

"As far as I'm concerned, it's just a waste of time dealing with them. They're liars."

Trump accused the Iranians of repeatedly misrepresenting what had been agreed in the ceasefire that Washington and Tehran signed on June 17.

"Everyone's agreed, no nuclear weapon. We make a deal. They go outside, joke to the press, they say we never even talked about it. There's something wrong with them, they're cuckoo," Trump added.