07/08/2026
Donald Trump’s declaration at the NATO summit in Ankara that the interim ceasefire agreement with Iran is “over” has triggered immediate market volatility, causing global stock markets $VOO to plunge and crude oil prices to surge by over 6%.
Brent crude jumped 6% to around $77 a barrel, while US West Texas Intermediate climbed roughly 6% to $74 a barrel. Prior to the announcement, crude cooled down to pre-war levels, but the renewed threat to the Strait of Hormuz chokepoint forces traders to price in supply blockades.
The US Treasury officially canceled the interim sanctions waiver, giving entities until July 17, 2026, to wind down Iranian oil transactions, heavily restricting near-term global supply.
High-flying tech shares took the heaviest hit due to macroeconomic anxiety; South Korea's KOSPI index plummeted 5.4% into a technical bear market, heavily dragged down by semiconductor giants like Samsung and SK Hynix.
Major European indices, including Germany's $DAX and France's CAC 40, dropped around 2%, while US futures pointed downward. Major traditional energy firms bucked the downward trend; shares for Shell rose 5%, while BP, Chevron, and ExxonMobil all advanced over 3%.
On the bright side, the US market is again started to look like a bargain again. I'm looking to buy some shares of a few high quality businesses in the coming days/weeks if the share price hit my buy level. Do hit the like button for those who want me to post those stocks.