Oil prices rise, and stocks fall worldwide after Trump says ceasefire with Iran is 'over'

Oil prices rose and global stock markets fell after President Donald Trump cast doubt on the temporary truce with Iran, saying the agreement was “over” while allowing negotiations to continue. By 9:35 a.m. Eastern time in New York, the S&P 500 was down 0.6% and the Dow Jones Industrial Average fell 535 points, or about 1%, with the Nasdaq composite down 0.4%. In oil, Brent crude climbed 5.3% to $78.12 per barrel, briefly topping $79, still below the earlier-war peak near $120. The concern is that renewed fighting could disrupt deliveries by potentially blocking the Strait of Hormuz, worsening inflation and pressuring central banks to raise rates. Bond yields edged higher, with the 10-year Treasury at 4.57%. Europe and Asia also fell, and in South Korea the Kospi dropped 5.3%. In Hong Kong, the Hang Seng rose 3%, while shares of Chinese AI startup Zhipu (Z.ai) jumped 13.4%.