Oil prices jump after Trump says Iran ceasefire is over

On July 8, 2026, oil prices jumped by 5 to 6 percent after President Donald Trump said the interim ceasefire deal with Iran is "over." The announcement led to a surge in crude oil prices, while gold prices fell and the U.S. dollar rose to a one-week high. Markets reacted to the renewed uncertainty in the Middle East, as the U.S. and Iran reportedly resumed strikes.