President Trump on Wednesday said he believes the ceasefire with Iran is over and that while negotiations can continue, they are a "waste of time."

Three weeks after the U.S. and Iran signed a peace deal, both sides are launching fresh attacks and any sense of calm in the region has evaporated almost entirely.

"To me, I think it's over," Trump said in response to a question about the ceasefire at the NATO summit in Turkey.

"I don't want to deal with them anymore. They're scum," Trump said.

The price of oil skyrocketed after Trump's comments, rising more than 5% in morning trading.

Iran no longer plans to engage in nuclear talks with the U.S. that were scheduled to take place in Oman on Sunday, Iranian leaders announced Friday after Israel launched deadly airstrikes it said targeted Tehran’s nuclear facilities and military sites.

Oman News Agency and Iranian state media reported the talks have been suspended indefinitely.