North American Morning Briefing: Oil Jumps After Trump Says Ceasefire With Iran Is Over For Him

OPENING CALL

Stock futures were down while oil surged after President Trump said his ceasefire with Iran was finished.

"I think it's over," Trump told reporters at a NATO summit in Turkey. "As far as I'm concerned, it's just a waste of time dealing with them."

Brent crude futures jumped more than 6% to roughly $78.50-far above their prewar levels.

Trump's comments came after the U.S. and Iran exchanged strikes and Washington reimposed sanctions on Tehran's crude sales.

"The developments have reignited concerns about energy supplies and geopolitical risk," Deutsche Bank said.

Investors will also be keeping a close eye on Federal Reserve minutes to be released today for further clues on the interest rate hike path.

However, the minutes "may be shrunk, just like the statement and the press conference policy discussion," says Standard Chartered Bank's Steve Englander in a note. "Markets may interpret the lack of guidance as reluctance to signal a willingness to raise rates."

Stocks to watch

Applied Materials, Micron Technology, Marvell Technology, Intel, Advanced Micro Devices: The chip stocks fell in premarket trading, on course to extend a slide sparked by guidance from Samsung Electronics yesterday that failed to meet lofty expectations. Samsung shares also slid in Seoul.

Chevron, ExxonMobil: The oil giants' shares gained ground ahead of the bell after oil prices jumped amid escalating tensions in the Middle East.

Levi Strauss, Costco Wholesale: The jeans maker is due to post second-quarter earnings this afternoon; Costco will report June sales.

Rivian Automotive dropped further in premarket trading after an 18% dive yesterday, sparked by plans to sell more shares.

Watch For:

U.S. Wholesale Inventories for May; EIA Weekly Petroleum Status Report; FOMC Meeting Minutes

Today's Top Headlines/Must Reads:

- Anthropic's Political Risks Are Real, but OpenAI's Loom Even Larger

- The Canadian Who Steered Europe Away From the U.S.

- Obamacare Insurers Seek Big Rate Hikes, Again

MARKET WRAPS

Forex:

The dollar turned higher after Trump said the U.S. and Iran ceasefire is over after the two sides exchanged renewed military strikes.

The greenback could remain sensitive to any weak U.S. economic data given uncertainties over the stance of new Federal Reserve Chair Kevin Warsh, Commerzbank said.

Bonds:

A selloff in U.S. and eurozone government bonds accelerated

after Trump said the ceasefire with Iran is over. Yields had already hit four-week highs earlier in response to military escalation between the U.S. and Iran.

Energy:

Oil prices jumped. In midmorning trade, Brent crude rose 4.7%, while WTI futures were up 5.9% after climbing more than 6% shortly before.

Metals:

Gold prices fell. In midmorning European trade, New York gold futures fell 2.2% to $4,066.50 a troy ounce.

"The metal continues to trade largely in line with shifting U.S. rate expectations," ING said. "Last week's weaker-than-expected jobs data reduced expectations of additional tightening and helped gold stabilize back above the $4,000-an-ounce level."

Iron

Iron ore rose in early trade. China's curbs on purchases of Australian miner Fortescue's lower-grade iron ore have provided a short-term boost to market sentiment, Nanhua Futures said.

   TODAY'S TOP HEADLINES 

Trump-Backed Company Behind Family Crypto Wealth in Talks to Sell Core Business

A year ago, the Trump family's crypto venture bought control of a small payments company for $750 million. The deal has been a money loser for almost everyone except the Trumps.

The Nasdaq-listed company-previously called Alt5 Sigma, and recently renamed AI Financial-is now in talks to sell its core business to blockchain technology company Perpetuals.com, according to a corporate filing. The price being discussed is for up to $15 million, according to a person familiar with the transaction and company documents. The terms of the deal aren't completed and could change as negotiations continue, or the deal could fail to materialize.

Anthropic's Political Risks Are Real, but OpenAI's Loom Even Larger

Anthropic has been in the political crosshairs lately. But the business consequences aren't as dire as they might seem. And among its AI rivals, there will be plenty of political risk to go around.

The AI-model developer is embroiled in a legal fight with the Trump administration, which deemed it a security risk earlier this year after the company declined to give the Defense Department unfettered access to its tools. That battle escalated last month with a government move that forced Anthropic to cut off access to its most-advanced models.

Apple Loses Court Battle Over iOS and App Store Under EU's Tech Rules

Apple lost an appeal at Europe's general court challenging a EU decision to classify its iOS operating system and App Store as services that need to be brought to heel under the bloc's landmark tech antitrust rulebook.

"The General Court dismisses all the actions brought by Apple," the court said on Wednesday.

China Says It Has Found Security Vulnerabilities in Anthropic's Claude Code

SINGAPORE-China said Wednesday that it has found "security backdoor vulnerabilities" in Anthropic's popular Claude Code, stepping up tensions in the race with the U.S. for artificial-intelligence supremacy.

Several versions of the American coding tool, released between April and June, "can send sensitive information such as user location and identity to remote servers without the user's consent due to a built-in monitoring mechanism," China's National Vulnerability DataBase, a government-run cybersecurity platform, said in a statement.

Trump Says Ceasefire With Iran Is Over

ANKARA, Turkey-President Trump said he believed his ceasefire deal with the country was over and tore into Iran's leadership, following another round of Iranian attacks on ships in the Strait of Hormuz that snarled efforts to open the strategic waterway.

The president's remarks were the starkest sign yet that diplomacy with Iran has stalled under the preliminary peace agreement he signed in mid-June. Trump stopped short of saying the U.S. would restart the war, however, and said he would let talks continue if the parties were willing.

Oil Prices Jump After Trump Says Ceasefire With Iran Is Over

Oil prices jumped 6% after President Trump said he believed his ceasefire deal with Iran was over, the strongest signal yet that diplomatic efforts with Tehran have stalled since the preliminary agreement reached in mid-June.

In midmorning European trade, front-month Brent crude futures gained 6% to $78.63 a barrel, while West Texas Intermediate rose 6.2% to $74.85 a barrel. Natural-gas prices climbed, with the benchmark Dutch TTF contract up 4.8% to 49.04 euros a megawatt-hour.

U.S., European Government Bond Yields Rise After Trump Says U.S.-Iran Ceasefire Is Over

Yields on 10-year U.S., German and U.K. government bonds rose sharply on Wednesday, hitting four-week highs, after U.S. President Trump said that the ceasefire with Iran is over.

Trump's announcement accelerated an earlier selloff in bonds sparked by renewed military escalation in the Middle East, which pushed oil prices higher.

Founder of Adderall 'Pill Mill' Sentenced to Six Years in Prison

Ruthia He, the founder who built a startup prosecutors alleged was an Adderall "pill mill," was sentenced to six years in prison on Tuesday.

The founder and former chief executive of Done Global was convicted in November of conspiracy to distribute controlled substances while building the startup, which advertised fast assessments for attention-deficit hyperactivity disorder. Done's social-media ads often showed pictures of pills.

The Canadian Who Steered Europe Away From the U.S.

Mark Carney swept to power on a backlash to President Trump's talk of making Canada the 51st state, which many Americans took for mere shtick. But for the new prime minister, reading intelligence reports detailing the gravity of the crisis, it was a breaking point.

In private phone conversations with Carney's predecessor, Justin Trudeau, Trump had threatened to scrap the 1908 agreement delineating their shared border. "I tear that up and your whole country unravels," Trump told Trudeau in one call, according to two people familiar with the matter.

Russian Strikes Scar a Kyiv Neighborhood-and Bring It Together

KYIV, Ukraine-The scent from flower stalls mixes with the charred smell of a bombed-out mall. Commuters pour out of a subway station with blown-out windows. Some grab breakfast at a McDonald's whose sign droops down the wall, melted by flames after a Russian airstrike.

Welcome to Lukyanivka, one of the most heavily bombed neighborhoods in Ukraine's capital city, but still one of the liveliest.

Write to priscila.barrera@wsj.com

TODAY IN CANADA

Earnings:

Firan Tech 2Q

Economic Indicators (ET):

Nothing major scheduled.

Stocks to Watch:

DPM Metals Target Price Cut 2% to A$55.00/Share by Macquarie

Expected Major Events for Wednesday

04:30/JPN: Jun Corporate Insolvencies

05:00/JPN: Jun Economy Watchers Survey

06:45/FRA: May Balance of payments

11:00/US: 07/03 MBA Weekly Mortgage Applications Survey

14:00/US: May Monthly Wholesale Trade

14:00/US: Jun Online Help Wanted Index

14:30/US: 07/03 EIA Weekly Petroleum Status Report

19:00/US: May Consumer Credit

23:01/UK: Jun RICS Residential Market Survey

23:50/JPN: Jun Money Stock, Broadly-defined Liquidity

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Wednesday

AZZ Inc (AZZ) is expected to report $1.52 for 1Q.

BitMine Immersion Technologies Inc (BMNR) is expected to report for 3Q.

Boku Inc (BOKU.LN) is expected to report for Interim.

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July 08, 2026 06:16 ET (10:16 GMT)

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