Oil prices rise 7%, and Dow drops 600 points after Trump says ceasefire with Iran is ‘over’

Oil prices rose 7% and the Dow dropped 600 points after Trump announced the US ceasefire with Iran is over. This collapse in diplomatic efforts increased geopolitical risks, causing crypto to slide and challenging its safe-haven status. On Wall Street, fuel-dependent companies saw sharp declines, with American Airlines losing 3.9% and United Airlines falling 2.3% as global markets reacted to the heightened tensions and surging energy costs following the end of the ceasefire.