President Trump said the Iran MOU was “over,” reviving concerns about a possible return to war and disruption in the Strait of Hormuz, a key global oil transit route.
Stocks and cryptocurrencies fell sharply while oil rose more than 5% after President Trump said the Iran MOU was “over.” The move revived market fears that hostilities could resume and that traffic through the Strait of Hormuz, a critical chokepoint for global crude shipments, could be disrupted. The combination of rising energy prices and renewed geopolitical risk weighed on risk assets.