{"id":433351,"date":"2026-07-08T17:36:56","date_gmt":"2026-07-08T10:36:56","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/investinglive-european-morning-session-wrap-oil-prices-surge-as-trump-calls-off-iran-deal-433351\/"},"modified":"2026-07-08T17:36:56","modified_gmt":"2026-07-08T10:36:56","slug":"investinglive-european-morning-session-wrap-oil-prices-surge-as-trump-calls-off-iran-deal","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/investinglive-european-morning-session-wrap-oil-prices-surge-as-trump-calls-off-iran-deal-433351\/","title":{"rendered":"investingLive European morning session wrap: Oil prices surge as Trump calls off Iran deal"},"content":{"rendered":"<div>\n<p>Headlines:<\/p>\n<ul>\n<li><a href=\"https:\/\/investinglive.com\/news\/trump-says-memorandum-of-understanding-with-iran-is-over-dont-want-to-engage-with-them-20260708\/\">Trump says Memorandum of Understanding with Iran is over, don&#8217;t want to engage with them<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/news\/us-president-trump-iran-are-dirty-players-they-are-scum-20260708\/\">US President Trump: Iran are dirty players, they are &#8216;scum&#8217;<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/news\/iran-issues-statement-in-condemning-blatant-violation-to-ceasefire-deal-by-the-us-20260708\/\">Iran issues statement in condemning blatant violation to ceasefire deal by the US<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/commodities\/oil-prices-jump-as-trump-says-that-iran-deal-is-over-20260708\/\">Oil prices jump as Trump says that Iran ceasefire deal is over<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/news\/risk-mood-sours-after-trump-walks-on-iran-deal-threatens-to-cut-trade-ties-with-spain-20260708\/\">Risk mood sours after Trump walks on Iran deal, threatens to cut trade ties with Spain<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/commodities\/gold-stays-under-pressure-amid-us-iran-escalation-and-increase-in-rate-hike-bets-20260708\/\">Gold stays under pressure amid US-Iran escalation and increase in rate hike bets<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/centralbank\/ecbs-escriva-will-keep-all-options-on-the-table-and-decide-on-a-meeting-by-meeting-basis-20260708\/\">ECB&#8217;s Escriva: Will keep all options on the table and decide on a meeting-by-meeting basis<\/a><\/li>\n<li><a href=\"https:\/\/investinglive.com\/news\/china-reportedly-decides-to-lift-restrictions-on-refined-fuel-exports-for-the-rest-of-july-20260708\/\">China reportedly decides to lift restrictions on refined fuel exports for the rest of July<\/a><\/li>\n<\/ul>\n<p>Market update:<\/p>\n<ul>\n<li>WTI crude up 6% to $74.70<\/li>\n<li>European stocks slide lower; S&amp;P 500 futures down 1%<\/li>\n<li>NZD leads, JPY lags on the day<\/li>\n<li>10-year Treasury yields up 5 bps to 4.58%<\/li>\n<li>Gold down 1.4% to $4,050<\/li>\n<li>Bitcoin down 2.5% to $62,108<\/li>\n<\/ul>\n<p class=\"text-align-justify\">Geopolitics is back on the menu as US president Trump&#8217;s visit to Ankara for the NATO summit has already sparked some fireworks.<\/p>\n<p class=\"text-align-justify\">He started by lambasting Spain over their defense spending contribution, or should I say lack thereof, and threatened to cut trade ties with Madrid. That before circling back to his Greenland agenda with much renewed vigour.<\/p>\n<p class=\"text-align-justify\">In the midst of that, he took the time to hit back at Iran by saying that the ceasefire deal\/memorandum of understanding is now over. It essentially marks a reset in ties between the US and Iran, leaving things stranded once again.<\/p>\n<p class=\"text-align-justify\">As such, oil prices surged higher on the news with WTI crude climbing by 6% to $74.70 on the day. Brent crude is also seen up by 5.5% to $78.30 on the day.<\/p>\n<p class=\"text-align-justify\">After Trump&#8217;s remarks, the overall risk mood in markets soured. Equities dropped alongside precious metals, with bonds also selling off again.<\/p>\n<p class=\"text-align-justify\">European indices are mostly down by over 2% on the day while US futures are deepening losses after the setback yesterday. S&amp;P 500 futures are down 1% with Nasdaq futures down 1.4%.<\/p>\n<p class=\"text-align-justify\">Meanwhile, gold is down 1.4% to $4,050 and silver down 2.3% to $58.65 on the day. In the bond market, 10-year Treasury yields have moved up by 5 bps to 4.58% in testing the June high.<\/p>\n<p class=\"text-align-justify\">As for major currencies, the dollar is keeping steadier and just a touch firmer across the board. EUR\/USD is flat at 1.1410 with USD\/JPY up 0.2% to 162.40 levels on the day. NZD\/USD is the main mover but owes much to a more hawkish RBNZ from earlier, with the pair still up by 0.4% to 0.5700 currently.<\/p>\n<p>                            This article was written by Justin Low at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Headlines: Trump says Memorandum of Understanding with Iran is over, don&#8217;t want to engage with them US President Trump: Iran are dirty players, they are &#8216;scum&#8217; Iran issues statement in condemning blatant&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-433351","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/433351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=433351"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/433351\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=433351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=433351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=433351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}