Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

0454 ET - Oil prices jump after President Trump said he believed his ceasefire deal with Iran is over. In midmorning trade, Brent crude rises 4.7% to $78.42 a barrel, while WTI futures are up 5.9% to $74.61 a barrel after climbing more than 6% shortly before. Trump's remarks came after the two sides exchanged strikes and the U.S. revoked a waiver allowing Tehran to sell oil. The oil market's forward curve has also strengthened, with the front end moving back into backwardation, which occurs when futures with near-term deliveries are marketed at a premium over longer-dated contracts. The shift indicates traders are once again willing to pay a premium for immediate crude supplies, reflecting renewed concerns over potential supply disruptions and stronger prompt demand. (giulia.petroni@wsj.com)

0451 ET - Yields on U.K. government bonds, or gilts, extend an earlier rise, climbing to their highest level since June 10 after U.S. President Trump says that the ceasefire deal with Iran is over. The announcement pushes Brent crude price up further, raising inflation risk and the possibility of the Bank of England increasing interest rates in the coming months. Ten-year gilt yields climb 11 basis points to a high of 4.945%, Tradeweb data show. (miriam.mukuru@wsj.com)

0449 ET - Spain's IBEX 35 falls sharply after President Trump said he believed the U.S.-Iran ceasefire was over, and that he wants no more trade with the country. The index slides 2.2%. "We don't want to do any trade business with Spain anymore," Trump told a press conference in Ankara, Turkey. "I don't want anything to do with Spain. Cut off all trade with Spain, please." Madrid-listed banks slide sharply, with Banco Santander and BBVA losing 4.2% and 2.9%, respectively. Construction group Acerinox--which has significant operations in the U.S--falls 4.6%. Losses in the index are slightly tempered by a 4.7% rise for oil major Repsol, which benefits from a spike in oil following Trump's comments on the ceasefire. (josephmichael.stonor@wsj.com)

0447 ET - Maersk shares rise after President Trump said at the NATO summit in Ankara that as far as he was concerned the ceasefire in Iran was over. Container operators like Maersk have benefited from diverting their ships to avoid the Middle East conflict as it has cut shipping capacity, lifting freight rates. The Danish shipping group lifted earnings guidance last week after it noted continued strong demand and a sustained increase in rates. Maersk shares were as much as 4.3% higher following Trump's comments. Shares in German peer Hapag-Lloyd trade 1.5% higher. (dominic.chopping@wsj.com)

0438 ET - European stocks extend losses in morning trade after President Trump told journalists that the ceasefire with Iran is over, prompting a surge in oil prices. Banks and energy intensive stocks fall across the continent, as the Europe-wide Stoxx 600 falls 1.3%. Germany's industrial-heavy DAX drops 1.9%, with defense giant Rheinmetall losing 5.1% while Deutsche Bank drops 4.3%. The CAC 40 drops 1.8% in Paris. Renault and Societe Generale extend earlier falls, dropping 4.3%. The FTSE 100 is 1.3% lower in London, with defense group Babcock International down 4.3%. Spain's IBEX 35 is the sharpest falling index, losing 1.9% after Trump said that he didn't want any trade with Spain. Italy's FTSE MIB drops 1.25%, while the Dutch AEX drops 0.3%. (josephmichael.stonor@wsj.com)

0437 ET - The dollar turns higher after President Trump said the U.S. and Iran ceasefire is over after the two sides exchanged renewed military strikes. Speaking at the Nato summit in Ankara, Trump said "as far as I'm concerned, it's over" and that Iran was led by "sick people." His comments came after the U.S. struck sites along Iran's coast and blocked its ability to sell oil legally on Tuesday in response to Tehran's recent attacks on ships near the Strait of Hormuz. Iran responded with counterattacks. The dollar benefits from safe-haven flows and higher oil prices due to America's position as a net oil exporter. The DXY dollar index rises 0.1% to 101.169. (renae.dyer@wsj.com)

0043 ET - The short-term trajectory of oil prices depends less on the mechanics of an open Strait of Hormuz and more on Chinese demand, says Robin Haworth at Lombard Odier. If China increases its oil imports at current or higher prices, it will signal that the economy needs to replenish its inventories and could push crude prices above $80 a barrel, the equity research analyst says. However, if China isn't seen entering the market, traders will conclude that its demand flexibility is real and oil prices could fall further, Haworth writes in a report. China had been building oil inventories in the years before the Middle East conflict. However, it cut oil imports by around 5 million barrels a day during the conflict, Haworth notes. (monica.gupta@wsj.com)

2234 ET - A rate hike in Taiwan later this year is likely as inflationary pressure will seen to remain elevated over the summer, according to BofA Securities in a research note. The island's June consumer price index rose 2.6% on year, exceeding the consensus of 2.3%, it notes. "With inflation likely to remain elevated and services inflation sticky in the coming months, we think the risk around the next move is tilted toward tightening rather than an extended hold," it says. BofA expects a 12.5 bp hike at Taiwan's September policy meeting. (tracy.qu@wsj.com)

1702 ET - The U.S. revocation of Iran's authorization to sell oil sends crude prices to a near two-week high. "That's a big take-back by the Trump administration," says John Kilduff of Again Capital. The waiver contributed to the selloff in oil and the idea that the market would become oversupplied. "It had suddenly freed up a lot of Iranian barrels that were on the water and Iran moved out a lot of supply over the last couple of weeks to try to take advantage of that." The Trump administration was relishing lower oil prices, and now it could go back off the rails, Kilduff adds. "We'll see if they don't go back on this after some more discussions." WTI rises 5.3%, to $72.21 a barrel, and Brent gains 5.4%, to $75.88. (anthony.harrup@wsj.com)

1557 ET - The U.S. government's revocation of its authorization for Iran to sell oil following Iranian attacks on vessels in the Strait of Hormuz sends crude futures higher as it implies near-term supply will now be tighter than had been expected, says Dennis Kissler of BOK Financial. "The supply that it looked like was coming to the market is definitely going to be lessened by the canceling of the agreement." The flip in WTI back into backwardation--where forward months are cheaper than front month--is accelerating short-covering by traders, he adds. WTI is up 4.7%, at $71.80 a barrel, and Brent is 5.1% higher, at $75.67 a barrel. (anthony.harrup@wsj.com)

Oil futures rise as Iran attacks vessels on the U.S.-backed Omani side of Strait of Hormuz, raising concerns about Iran's efforts to assert control over the waterway. If peace negotiations falter or another disruption hits before inventories recover, markets could quickly find themselves under pressure again, Ellen Fraser, an energy analyst at consulting firm Baringa says in a note. There's political and economic pressure for oil flows to continue, she says. "Iran needs a huge amount of money to rebuild the country, and that money will come through oil flows. And President Trump needs those flows to resume given the upcoming midterms and the political capital that it's costing him in the U.S." WTI settles up 2.8% at $70.44 a barrel and Brent gains 3% to $74.16. (anthony.harrup@wsj.com)

0936 ET - An acceleration in Bank of Japan interest-rate rises wouldn't necessarily lead to a meaningful recovery of the yen on its own, Rabobank's Jane Foley says in a note. While a hasted pace of rate rises would be yen supportive, investors remain worried about the Japanese government's fiscal intentions, she says. "More reassuring messages on this front are likely to be needed before the yen can demonstrate a convincing turnaround," Foley says. Prime Minister Sanae Takaichi has attempted to make reassurances about bond supply but she is perceived to favor expansionary fiscal policy which has contributed to the yen's weakness. The dollar falls 0.1% to 161.86 yen, having reached a 40-year high of 162.83 on July 1, LSEG data show. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

July 08, 2026 04:54 ET (08:54 GMT)

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