Trump cancels Iran peace deal; oil prices spike and stock markets drop worldwide

President Trump ended a ceasefire with Iran at a NATO meeting in Ankara on July 8, 2026. Stock markets tumbled worldwide—the US Dow fell 1.09%, London 1%, Tokyo 2.1%. Oil prices jumped 5% above $80 per barrel as traders worried about shipping disruptions. Russia's ban on diesel exports made the problem worse; US fuel prices spiked 13%.