Global stocks fall as geopolitical temperatures rise once again
A flag bearing portraits of slain Iranian supreme leader Ali Khamenei and his son and successor Mojtaba Khamenei, is seen on a street a day before the funeral procession of Ali Khamenei in the Iraqi holy city of Karbala on July 7, 2026. The body of Khamenei was being taken to Najaf and Karbala for observances by Shia Muslims, before his burial on July 9 at the shrine of Imam Reza in the northeastern Iranian city of Mashhad, his birthplace. (Photo: AFP)
LONDON - Oil prices soared anew and stock markets slid on Wednesday after US President Donald Trump said the ceasefire with Iran was over, following renewed strikes in the Middle East.The latest bout of fighting was sparked by Iranian attacks on ships in the vital Strait of Hormuz shipping route.
Trump said at a NATO summit in Turkey that the ceasefire was “over”, although he left the door open to more talks.
The markets responded, with oil shooting back up again having in recent days come back down towards pre-war levels around $70 a barrel.
