The fragile peace between the US and Iran just shattered, and global markets felt it immediately. President Donald Trump announced on July 8 that the US ceasefire with Iran is “over,” following a string of Iranian attacks on commercial vessels transiting the Strait of Hormuz.
Oil prices surged. US equities dropped. Bitcoin and Ether each declined more than 2% in the hours after the announcement.
What happened in the Strait of Hormuz
Between June 26 and July 7, Iran launched drone and projectile strikes on three to five commercial ships navigating the Strait of Hormuz.
These attacks directly violated a memorandum of understanding established during a ceasefire in June 2025. That agreement, structured as a 60-day MoU, was supposed to guarantee safe naval passage through the strait.
