Oil surges 6% and stocks tumble after Trump says Iran ceasefire is ‘over’ Jul 08, 2026 · Steve Kopack · nbcnews.com read more » The price of oil surged more than 6% on Wednesday after President Donald Trump said that the ceasefire deal with Iran was “over” after the two countries trades strikes following attacks on three oil tankers near the Strait of Hormuz. Read more »