Oil prices jump and global stock futures slide as US and Iran exchange fresh military strikes; Trump declares ceasefire 'over'

Oil prices surged on Wednesday following renewed military strikes between the United States and Iran, marking a significant escalation since a ceasefire was agreed upon last month. President Donald Trump stated that their memorandum of understanding was 'over.' U.S. strikes on Iranian targets came after several oil tankers were reportedly hit in the Strait of Hormuz, prompting Iranian counter-attacks on U.S. bases in the region. This geopolitical development led to a slide in U.S. equity futures and shaky global stock markets, particularly impacting chip shares.