Oil surges 6%, stocks tumble after Trump says Iran ceasefire is ‘over’

S&P 500 futures pointed to a drop of more than 1% at the opening bell on Wednesday.

July 8, 2026, 5:45 AM CDT By Steve Kopack

The price of oil surged more than 6% on Wednesday after President Donald Trump said that the ceasefire deal with Iran was “over” after the two countries trades strikes following attacks on three oil tankers near the Strait of Hormuz.

“To me, I think it’s over,” Trump said on the sidelines of the NATO summit in Ankara, Turkey. “I don’t want to deal with them anymore.”

“As far as I’m concerned, it’s over,” the president continued. He said that negotiations could continue but that he considers them a “waste of time.”

U.S. crude oil sharply jumped more than 6.5% to $75 per barrel, its largest one-day move up since the beginning of June. International oil benchmark Brent rose 6.2% to almost $79 per barrel.

Those big jumps came one day after jitters returned to oil markets, sending U.S. crude oil prices from about $69 to more than $72.

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Oil surges 6%, stocks tumble after Trump says Iran ceasefire is ‘over’

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Oil prices go up, stocks go down, Billionaires and trump make more money. Billionaires and tRump make money every time oil prices and stocks go up or down. It's so plain to see yet core tRump Daddy supporters seem blind to it. NATO Allies are in place to help others when they are attacked yet tRump erroneously denigrates NATO allies for not helping him in a war HE started. When will core tRump supporters' wake the hell up? Probably never. Meanwhile tRump is making $Billions from being POTUS. Your thoughts?