Oil surges 6% and stocks tumble as Trump declares Iran ceasefire 'over'

The fragile Mideast truce collapsed overnight, sending crude sharply higher and equity futures skidding ahead of Wednesday's open.

President Trump said the tentative ceasefire with Iran is effectively over after the two countries exchanged fresh strikes, with Iran's Revolutionary Guard claiming hits on American military targets in Bahrain and Kuwait. The US launched retaliatory strikes and reimposed sanctions on Iranian oil sales following attacks on commercial ships near the Strait of Hormuz. Crude jumped roughly 6% and stocks fell as traders weighed the risk to the world's most important oil chokepoint, an uneasy backdrop for Fed minutes due later today.