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Oil Prices Spike 5% After Trump Declares Iran Ceasefire Is Over
Fast Company·Thursday, 9 July 2026
US stock futures fell and oil prices surged more than 5% after President Donald Trump announced that the ceasefire with Iran was over. The development signals a sharp escalation in US-Iran tensions that had appeared close to a nuclear deal. Markets reacted immediately to the news.
Why It Matters
Higher oil prices directly raise the cost of fuel, transport, and goods for people everywhere, including India, which imports most of its oil.
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