Oil surges 6%, stocks tumble after Trump says Iran ceasefire is ‘over’

Oil prices jumped by over 6% as President Trump announced the ceasefire with Iran was "over," following escalating tensions after attacks on oil tankers near the Strait of Hormuz. This surge sent stocks tumbling, reflecting fears of a broader conflict that could disrupt global oil supplies. The situation underscores the delicate balance of power in the region, highlighting the significant economic impact geopolitical instability can have worldwide. Investors are now bracing for potential further volatility as the situation develops.