Trump Says Iran Ceasefire Is Over as Dow Futures Drop 476 Points and Brent Jumps 5.2%
Updated
Updated · CNBC · Jul 7
Trump Says Iran Ceasefire Is Over as Dow Futures Drop 476 Points and Brent Jumps 5.2%
3 articles · Updated · CNBC · Jul 7
Summary
Dow futures fell 476 points, or 0.9%, after Trump told the NATO summit in Ankara that the Iran ceasefire was "over" amid renewed hostilities.
Brent crude rose 5.2% to $77.98 a barrel and WTI gained 5% to $73.99 after the U.S. said it launched powerful strikes on Iran in retaliation for attacks on three commercial vessels in the Strait of Hormuz.
Mark Rutte, NATO's secretary general, backed the U.S. response as "absolutely necessary," saying Iran had violated the ceasefire with the ship attacks.
Energy shares climbed in premarket trading, with ConocoPhillips up more than 2%, while chip stocks stayed under pressure as investors reassessed geopolitical risk after weeks of expecting de-escalation.
Fed minutes due at 2 p.m. ET now add another market test, with investors looking for clues on Kevin Warsh's first meeting after officials held rates steady but signaled possible further hikes.