investingLive European morning session wrap: Oil prices surge as Trump calls off Iran deal
<p>Headlines:</p><ul><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't want to engage with them</a></li><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 'scum'</a></li><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><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><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><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><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's Escriva: Will keep all options on the table and decide on a meeting-by-meeting basis</a></li><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></ul><p>Market update:</p><ul><li>WTI crude up 6% to $74.70</li><li>European stocks slide lower; S&P 500 futures down 1%</li><li>NZD leads, JPY lags on the day</li><li>10-year Treasury yields up 5 bps to 4.58%</li><li>Gold down 1.4% to $4,050</li><li>Bitcoin down 2.5% to $62,108</li></ul><p class="text-align-justify">Geopolitics is back on the menu as US president Trump's visit to Ankara for the NATO summit has already sparked some fireworks.</p><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><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><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><p class="text-align-justify">After Trump's remarks, the overall risk mood in markets soured. Equities dropped alongside precious metals, with bonds also selling off again.</p><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&P 500 futures are down 1% with Nasdaq futures down 1.4%.</p><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><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>
This article was written by Justin Low at investinglive.com.
This article was sourced from Forexlive. WealthWire India aggregates financial news for informational purposes only. This does not constitute investment advice.
