Oil prices spiked on Wednesday to the highest level in weeks and stocks dropped after President Trump said that he thought the Iran cease-fire was “over” amid a volatile 24 hours in the Persian Gulf region.

The Trump administration launched a series of strikes on Iran and revoked a waiver that had allowed Iran to sell oil. The actions against Iran on Tuesday were in retaliation for attacks on tankers this week in the Strait of Hormuz, a crucial conduit for the world’s energy.

U.S. Central Command said that it hit over 80 targets in Iran, including dozens of small boats used by the Iranian military, “to degrade Iran’s ability to continue attacking international commerce.” Iran’s military responded by targeting 85 U.S. military sites in Bahrain and Kuwait, prolonging a retaliatory cycle that could impede the nascent recovery in shipping traffic in the region.