Oil prices surge over 5% as Trump says ceasefire with Iran is 'over'

Oil prices surged more than 5% after President Donald Trump said the interim agreement with Iran is over, while allowing talks to continue. Stock futures pointed lower ahead of the open, with S&P 500 futures down 0.7%, Dow futures down 1% and Nasdaq futures off 1.1%. Trump made the comments after U.S. strikes on Iran in retaliation for attacks on three ships in the Strait of Hormuz. Brent crude jumped $3.94 to $78.10 a barrel, while U.S. benchmark crude rose $3.60 to $74.04. The interim deal had allowed ships to transit the strait without paying charges for 60 days, but Iran insisted it must control routes and later charge fees, potentially reversing long-standing practice. The article links the previous oil decline from spikes above $100 a barrel to around pre-war levels, noting the latest prices resemble those of June 22. It also cites Swissquote’s Ipek Ozkardeskaya, saying geopolitical headlines may dominate sentiment, with further deterioration weighing on equity valuations and increasing stress in technology. Energy stocks rose in premarket, while airline and some Big Tech names fell, including after Apple’s EU antitrust “gatekeeper” ruling setback.