President Trump declared Wednesday that the ceasefire with Iran is "over," triggering an immediate market shock. Oil prices surged as much as 8% — Brent crude topped $78-80 a barrel, and U.S. crude jumped to its highest one-day move since early June. The Dow fell more than 550 points, and stock markets dropped worldwide, from Germany to Japan to South Korea.
Trump made the comments at the NATO summit in Ankara, Turkey, after the U.S. and Iran exchanged strikes overnight — the second such escalation since their interim ceasefire deal in mid-June. He called Iranian leaders "scum" and "liars," and said the U.S. may launch more strikes soon, though he said negotiators Witkoff and Kushner still want to keep talking.
What does this mean for you? Gas prices haven’t spiked yet — AAA had the national average around $3.80/gallon Wednesday — but experts warn the pain at the pump is a delayed effect, since refineries buy crude weeks in advance. Analysts also warn this raises the odds of a Federal Reserve rate hike, adding more pressure to an already fragile economy.
⛽ In this video:
Exactly what Trump said and why
How markets reacted within hours
Why gas prices haven’t spiked yet (but might soon)
What this means for inflation and the Fed
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