On July 8, 2026, global markets experienced significant volatility as oil prices surged and stocks declined following President Donald Trump's declaration that the U.S.-Iran agreement is "over." Speaking at a NATO summit in Ankara, Turkey, Trump expressed frustration with negotiations, labeling the process a waste of time. This political shift coincided with escalated military hostilities in the Middle East, including Iranian strikes on 85 U.S. military sites in Kuwait and Bahrain. In retaliation, U.S. forces targeted over 80 sites following attacks on commercial vessels in the Strait of Hormuz. Consequently, Brent crude climbed over 6% to approximately $79 per barrel, driven by fears regarding the vital shipping route. Market reactions were immediate, with the Dow Jones Industrial Average dropping 575 points, or 1%, while the S&P 500 and Nasdaq both saw declines.