U.S. stock futures dropped sharply on Wednesday after President Donald Trump declared the cease-fire with Iran was over, rattling global markets and sending oil prices higher.
Speaking at a NATO summit in Ankara, Turkey, Trump said the deal was finished. “As far as I’m concerned, it’s over,” he told reporters, accusing Iran of publicly denying terms that had been agreed upon.
The remarks came after Iranian forces said they struck U.S. military sites in Kuwait and Bahrain. That followed earlier American strikes on targets in Iran and a U.S. decision to revoke a sanctions waiver that had allowed Iran to sell oil legally.
BREAKING:
🇺🇸🇮🇷 U.S President Trump announced that the CEASEFIRE WITH IRAN IS OVER.
"To me, I think it's over. I don't want to deal with them…They’re scum. They’re sick people.” pic.twitter.com/qvDXZY60fc
— Commentary Donald J. Trump Truth Social Posts On X (@TrumpTruthOnX) July 8, 2026
Brent crude futures jumped 5.1% to $77.93 a barrel. West Texas Intermediate rose 5.2% to $74.12 a barrel.
The spike in oil prices raised fresh concerns about energy-driven inflation. That matters because higher energy costs could make it harder for the Federal Reserve to cut interest rates.
Dow futures fell around 680 points, or 1.3%, at one point. S&P 500 futures dropped 0.9%. Nasdaq 100 futures declined 1.4%.
The three major indexes had already closed lower on Tuesday. The S&P 500 fell 0.5%, the Nasdaq dropped 1.2%, and the Dow ended down 0.3%.
Tech shares were already struggling before Trump’s comments. Samsung Electronics posted earnings that beat expectations, but the results did not ease investor concerns about demand for AI-related chips or memory chip pricing.
That weighed on the broader semiconductor sector. South Korea’s KOSPI fell 5.4%, pulled lower by Samsung and SK Hynix.
Asian markets broadly sold off, partly because the region imports large amounts of oil. Higher energy prices hit Asian economies harder than most.
Deutsche Bank analyst Jim Reid said the developments had “reignited concerns about energy supplies and geopolitical risk.” He described risk sentiment as “weak but not as much as you may have imagined.”
Markets are now watching two things closely. First, any further escalation in the Middle East. Second, the release of minutes from the Federal Reserve’s June meeting.
Those minutes could show how policymakers are thinking about inflation and interest rates under new Fed Chair Kevin Warsh.
Investors will also be watching the start of second-quarter earnings season, which is set to begin later this week.
As of Wednesday morning, futures pointed to a lower open across all three major U.S. indexes.
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