Global Oil Prices Surge, Stocks Slump as US-Iran Ceasefire Declared Over

Global oil prices experienced a significant surge on Wednesday, July 8, 2026, with Brent crude rising 6.3% to $78.80 a barrel and West Texas Intermediate (WTI) climbing 6.4% to $75. This sharp increase is attributed to President Trump's declaration that the ceasefire with Iran is "over" and the U.S. revocation of a waiver permitting Iranian oil sales, intensifying concerns about supply disruptions through the Strait of Hormuz. In response, U.S. stock markets saw declines, with the Dow Jones Industrial Average falling 1.1% and the S&P 500 down 0.3%, while European stocks also extended losses.