Nasdaq futures fell 1.1% and touched a four-week low on Wednesday after President Donald Trump said the memorandum of understanding aimed at ending the war with Iran was “over,” signaling the collapse of a fragile ceasefire and stoking investor concerns over renewed Middle East escalation.
Speaking in Ankara ahead of a NATO summit, Trump said he had no interest in engaging further with Iran. The statement came as Iran’s Revolutionary Guards said they had targeted U.S. military sites in Bahrain and Kuwait after the U.S. launched a fresh wave of strikes on Iran in response to Iranian attacks on tankers in the Strait of Hormuz.
The broader market slid alongside Nasdaq futures. Dow E-minis fell 1.17%, or 620 points, while S&P 500 E-minis lost 0.84%, or 63.75 points, according to Reuters. Oil prices extended gains following Trump’s remarks, with Brent crude futures and U.S. West Texas Intermediate crude futures both rising more than 5%.
Energy stocks benefited from the oil price surge in premarket trading. Chevron rose 2.4%, Exxon Mobil gained 3%, and ConocoPhillips advanced 2.2%, according to Reuters. Devon Energy climbed 2.5%, while Occidental Petroleum, APA Corp, and Diamondback Energy were up 2.6%, 4.2%, and 2.4%, respectively.
The collapse of the ceasefire marked a sharp reversal from late June, when the U.S. and Iran announced a preliminary agreement to end months of conflict. When that deal was announced on June 14-15, stock markets surged globally while oil prices plunged, according to Reuters and the Washington Post. The S&P 500 rose 1.7% on the news, and major indexes hit record highs as investors celebrated the prospect of an end to the war and relief from elevated energy prices.
The volatility underscores how closely equity markets track geopolitical risk in the Middle East, particularly disruptions to oil supply through the Strait of Hormuz, a critical waterway for global shipping. Each shift in Iran-U.S. relations—whether toward peace or escalation—sends immediate ripples through futures markets and energy stocks.
Sources
- Reuters — Nasdaq futures decline, Trump’s statement that Iran deal is “over,” oil price gains, and energy stock movements
- Washington Post — Stock market surge when U.S.-Iran deal was announced on June 14-15, 2026
