Obama has called for a military strike on Syria in response to an alleged chemical weapons attack. The cartoonist uses the broken Peace Prize frame and the burning of the certificate as a metaphor for Obama's less-than-peaceful response to the Syrian crisis. In fact, there have been calls in certain quarters (notably Russia) for Obama to be stripped of his Nobel Peace prize if the attack on Syria goes ahead.
Obama has used a match to light the rocket. He is holding the burnt-out match in one hand. There is a box of matches on the ground beside him, along with pieces of broken glass from the frame.