Stock markets around the world are selling off after U.S. President Donald Trump said that a ceasefire with Iran is over.
In the U.S., the blue-chip Dow Jones Industrial Average is down more than 550 points in pre-market trading, while the benchmark S&P 500 index is down 67 points or 0.89%.
The technology-laden Nasdaq Composite index is down nearly 400 points or 1.30% as investors become unnerved by the resumption of military strikes on Iran.
Stock markets in Europe and Asia are also down sharply on July 8, with Germany’s DAX and Japan’s Nikkei indices each down 2%.
Markets are declining as crude oil prices spike following Trump’s latest comments. Both Brent and West Texas Intermediate crude oil are up more than 5% after declining in recent weeks.
Elsewhere in the markets, prices for precious metals such as gold and silver and cryptocurrencies are under pressure as investors assess the resumption Middle East hostilities.
Bond yields in the U.S. are rising, with the benchmark 10-year Treasury up 0.044 basis points to 4.573%.
The market volatility comes after the U.S. launched a series of strikes against Iran in retaliation for attacks on three commercial vessels traveling in the Strait of Hormuz waterway.
Additionally, the U.S. Treasury Department has revoked a license that permitted Iran to sell its oil around the world.
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