08.07.2026 - 21:38 [ Associated Press ]

Oil prices rise 5%, and stocks drop worldwide after Trump says ceasefire with Iran is ‘over’

Oil prices rose, and stock markets dropped in shaky trading worldwide Wednesday after President Donald Trump raised doubts about the temporary truce in the war with Iran.

The S&P 500 fell as much as 1.1% after Trump said the agreement to pause fighting was “over,” but the index then trimmed its loss to 0.3% after Trump said the most recent exchange of fire with the Islamic Republic did not herald a return to full-scale war. They’re his latest mixed messages on what will happen with the war, which threatens to worsen inflation for the world.