{"id":3991,"date":"2026-07-08T15:08:06","date_gmt":"2026-07-08T15:08:06","guid":{"rendered":"https:\/\/metrotransitreview.com\/?p=3991"},"modified":"2026-07-08T15:08:06","modified_gmt":"2026-07-08T15:08:06","slug":"dow-falls-600-points-oil-surges-after-trump-says-iran-ceasefire-is-over-which-could-halt-gas-decline","status":"publish","type":"post","link":"https:\/\/metrotransitreview.com\/?p=3991","title":{"rendered":"Dow falls 600 points, oil surges after Trump says Iran ceasefire is ‘over’ \u2013 which could halt gas decline"},"content":{"rendered":"
\n

Stocks plunged and oil prices jumped to nearly $80 a barrel after President Trump said Wednesday the ceasefire with Iran is \u201cover\u201d and the US is preparing another night of strikes in the region after Tehran attacked vessels in the Strait of Hormuz.<\/p>\n

Read more Charles Barkley reveals why he \u2018politely declined\u2019 a Taylor Swift-Travis Kelce wedding invite<\/a><\/p>\n

The Dow Jones Industrial Average fell 1.3%, or 693 points, by about 10:40 a.m. ET, while the S&P 500 and Nasdaq slumped 0.7% and 0.5%, respectively.<\/p>\n

Brent crude oil futures jumped 7.5% to $79.71 a barrel while West Texas Intermediate crude increased 7.2% to $75.52 a barrel.<\/p>\n

The national average gasoline price was roughly $3.80 a gallon Wednesday, according to AAA, far below wartime highs of $4.56 \u2013 but the price has remained roughly flat over the past few days as US-Iran tensions have reheated.\u00a0<\/p>\n

There is typically a one- to two-week lag between movements in the oil markets and prices at the pump \u2013 and fresh tensions over the strait, a vital maritime route for 20% of the world\u2019s oil, could keep gasoline from falling below the $3 mark.<\/p>\n

Asked Wednesday at a NATO summit in Ankara, Turkey, whether the preliminary peace deal with Iran was dead, Trump replied: \u201cTo me, I think it\u2019s over. I don\u2019t want to deal with them anymore. They\u2019re scum.\u201d<\/p>\n

\u201cWe hit them very hard last night,\u201d he added. \u201cWe\u2019ll probably hit them hard again tonight.\u201d<\/p>\n

Last month, Trump signed a memorandum of understanding giving the US and Iran 60 days to reach a final agreement on Tehran\u2019s nuclear program, sanctions relief and the unfreezing of billions of dollars worth of Iranian assets.<\/p>\n

The US military on Tuesday launched \u201cpowerful\u201d overnight strikes against Iran in response to the nation\u2019s attacks on three commercial ships near the strait, which American officials viewed as a violation of the memorandum.\u00a0<\/p>\n

Read more Trump promises he\u2019ll hit Iran \u2018hard\u2019 for second straight night, threatens Kharg Island takeover after calling off deal with Tehran \u2018scum\u2019<\/a><\/p>\n

Robert Edwards, chief investment officer of Edwards Asset Management, said the market moves on Wednesday were a clear sign that geopolitical tensions remain front and center \u2013 but there\u2019s no reason to sound the alarms yet.<\/p>\n

\u201cThis is the most noticeable escalation of Iran tensions since the ceasefire took hold almost one month ago, and the typical market playbook has commenced, with rising oil prices, rising bond yields and falling stock prices,\u201d Edwards said in a note Wednesday.<\/p>\n

\u201cAny downside moves in stocks over the next few weeks are a buying opportunity, as I still see the S&P 500 reaching 7,700 by year-end, largely due to earnings strength, which has thrived throughout this period of geopolitical uncertainty.\u201d<\/p>\n

Energy stocks also jumped Wednesday as investors anticipated higher earnings from industry giants.<\/p>\n

Shares in ConocoPhillips, Marathon Petroleum, Chevron and Exxon Mobil rose 2.5%, 4.3%, 2.2% and 0.9%, respectively.\u00a0<\/p>\n

Meanwhile, tech stocks \u2013 especially chipmakers \u2013 continued to fall as investors remain concerned about a potential \u201cAI bubble\u201d from massive spending on future technologies.<\/p>\n

\n<\/div>\n

Shares in Samsung, Intel and AMD fell 6.3%, 2.6% and 0.7%, respectively.<\/p>\n

Investors are looking ahead to the release of the Federal Reserve\u2019s June minutes at 2 p.m. ET Wednesday for more insight into Kevin Warsh\u2019s first meeting as chairman \u2013 especially after he took a surprisingly hawkish anti-inflation stance.\u00a0<\/p>\n

Though the majority of traders still expect policymakers to hold interest rates at their meeting later this month, the long-term outlook has flipped from rate cuts to rate hikes, according to CME FedWatch.<\/p>\n

Read more NYC Pfizer building developer tries to downplay collapse risk \u2014 insists high-rise buckling is a \u2018freak accident\u2019<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Stocks plunged and oil prices jumped to nearly $80 a barrel after President Trump said Wednesday the ceasefire with Iran is \u201cover” and the US is preparing another night of strikes in the region after Tehran attacked vessels in the Strait of Hormuz.<\/p>\n","protected":false},"author":1,"featured_media":3990,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nDow falls 600 points, oil surges after Trump says Iran ceasefire is 'over' \u2013 which could halt gas decline - Metro Transit Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/metrotransitreview.com\/?p=3991\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dow falls 600 points, oil surges after Trump says Iran ceasefire is 'over' \u2013 which could halt gas decline - 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