Oil spikes and European stock markets slide as Trump says Iran ceasefire over

Oil prices jumped over 6% to a two-week peak when President Trump announced the temporary truce with Iran was no longer in effect, sparking fears about disrupted oil supplies through the Strait of Hormuz. This development led to a downturn in European stock markets as investors worried about the economic impact of higher energy costs. The situation underscores the delicate balance of geopolitical tensions affecting global markets, highlighting how US-Iran relations continue to have far-reaching implications on global trade and economics.