WS #11674

The US-Iran ceasefire has collapsed, with President Trump declaring it 'over' at the NATO summit and threatening further strikes. Oil prices surged over 7% (Brent above $78, WTI above $73) as the Strait of Hormuz remains a flashpoint. The Fed minutes revealed a split committee, with some members seeing a case for rate hikes, keeping rate uncertainty elevated. Markets sold off: S&P 500 -0.6%, Dow -1%, with energy stocks rallying (XOM, CVX, OXY) while airlines and cruise lines fell (DAL, UAL, CCL). The Iran nuclear talks are suspended, and Iraq agreed to halt dollar flows to Iran-backed militias. Counter-signal: Trump later downplayed escalation risk, saying he doesn't believe the war will reignite, which helped the euro recover and pared some oil gains. Nvidia saw a $2.4M bullish options whale trade and a dark pool block of 1M shares, while Apple announced a $30B chip deal with Broadcom. Consumer credit unexpectedly contracted in May, signaling consumer strain.