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Stocks slide, oil surges after Trump declares Iran ceasefire 'over'

Published July 9, 2026 at 8:14 AM UTC

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On July 8, 2026, President Donald Trump declared the ceasefire with Iran "over," stating that negotiations were "a waste of time." This announcement followed renewed Iranian attacks on ships in the Strait of Hormuz, a critical global shipping route. In response, the U.S. conducted airstrikes on Iranian military targets. The market reacted swiftly: the Dow Jones Industrial Average fell by approximately 1%, while Brent crude oil prices surged by over 5%, reaching nearly $78 per barrel. Investors are concerned that the escalation could disrupt oil supplies and increase global inflation. The U.S. Treasury Department also revoked waivers that had allowed limited Iranian oil sales, intensifying tensions.