US strikes Iran as Trump declares ceasefire over, oil surges 5% and markets reel

President Donald Trump declared the US-Iran ceasefire “over” on July 8, 2026, while standing at a NATO summit in Ankara, Turkey. He announced he would no longer negotiate with Iranian leaders, reportedly calling them “scum,” and the timing could not have been more dramatic.

The declaration came shortly after the US military launched air strikes on more than 80 Iranian targets, including speedboats, in retaliation for Iranian attacks on three commercial vessels in the Strait of Hormuz the day before. Oil prices immediately jumped roughly 5%, equity markets declined, and the NATO summit that was supposed to focus on alliance strategy suddenly became a crisis management exercise.

What happened in the Strait of Hormuz

Iran attacked three commercial vessels transiting the strait, which triggered the US military response targeting over 80 sites across Iran. The strikes weren’t limited to naval assets. They hit a range of Iranian military infrastructure in what appeared to be a significant escalation beyond anything seen in the previous ceasefire period.

Iran’s Revolutionary Guard launched missile and drone strikes targeting US-linked military bases in Kuwait and Bahrain in response to the US strikes.

The back-and-forth sequence — Iranian attacks on commercial shipping, US strikes on 80-plus targets, Iranian retaliation against bases in allied nations — all happened within roughly 48 hours.

Markets didn’t take it well

The 5% spike in oil prices was the most immediate and visible market reaction. Equity markets declined broadly in response. The NATO summit itself was thrown into disarray, with delegates scrambling to assess whether they’d be drawn into a widening conflict.

What this means for crypto and alternative assets

No cryptocurrencies or digital assets were specifically referenced in connection with the strikes or the NATO summit discussions. During earlier US-Iran tensions in 2026, Bitcoin demonstrated relative stability compared to traditional risk assets. While equities sold off and commodities whipsawed, Bitcoin held its ground in a way that reinforced the digital gold narrative.

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