Trump Announces End of Temporary Ceasefire Agreement with Iran, Oil Surges Over 3%, Nasdaq 100 Futures Extend Losses to 1.5%

BlockBeats News, July 8th, President Trump of the United States stated that the temporary ceasefire agreement he had reached with Iran has ended, escalating the possibility of renewed military conflict between the two countries. Trump said during the NATO annual summit on Wednesday: "As far as I'm concerned, it's over. I think it was a waste of time."

Shortly before Trump made the above remarks, the United States launched a new round of strikes against Iran and revoked exemptions allowing the sale of Iranian oil. These actions were in response to recent incidents of attacks on ships in the Strait of Hormuz, bringing new fluctuations to the energy market and further testing the already fragile peace agreement between the US and Iran.

Impacted by the news, according to Bitget data, both WTI and Brent crude oil surged more than 3% intraday, now trading at $74.18 per barrel and $78.08 per barrel, respectively. Spot gold saw a 1.22% intraday decline, now priced at $4056.44 per ounce; spot silver plunged by 3.00% intraday, currently at $58.18 per ounce.

According to market data from BIT (bit.com), Nasdaq 100 Index futures extended their decline to 1.5%, hitting a four-week low. Dow Jones futures dropped by 1.27%, and S&P 500 futures fell by 0.98%.