safety
Stocks slump, oil surges after Trump says Iran ceasefire is over
By Aimee Picchi at CBS4 Miami
· July 8, 2026
· 3 min read
Stocks tumbled on Wednesday after President Trump said the ceasefire with Iran is "over" and that it is "a waste of time dealing with them." Oil prices jumped 6% on concerns that a re-escalation of hostilities would jeopardize the flow of oil through the Strait of Hormuz.Mr. Trump's remarks come aft
Key takeaway " Oil prices jumped 6% on concerns that a re-escalation of hostilities would jeopardize the flow of oil through the Strait of Hormuz.
Why this matters in The Miami
Miami 's role as a major hub for international trade and finance makes it particularly vulnerable to fluctuations in global oil prices. With the Port of Miami being one of the busiest ports in the country, any disruption to the flow of oil through the Strait of Hormuz could have significant repercussions for the local economy. Higher oil prices could lead to increased costs for transportation and shipping, which would be felt by businesses and consumers alike in Miami. Additionally, the city's strong ties to Latin America and the Caribbean, where many countries are heavily reliant on imported oil, could also be affected by the escalating tensions between the US and Iran. As the situation continues to unfold, Miami's business community will be closely watching the impact of rising oil prices on the local economy and the potential consequences for trade and commerce in the region.
About this story
Original reporting by CBS4 Miami . The Miami surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
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Category: safety ·
Published: July 8, 2026 ·
Source: CBS4 Miami ·
Reading time: 3 min
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Frequently asked about this story
What is this story about? Stocks tumbled on Wednesday after President Trump said the ceasefire with Iran is "over" and that it is "a waste of time dealing with them." Oil prices jumped 6% on concerns that a re-escalation of hostilities would jeopardize the flow of oil through the Strait of Hormuz.Mr. Trump's remarks come aft
When was this published? This article was first published on July 8, 2026 by CBS4 Miami and curated for The Miami readers.
Who reported this story? This story was reported by Aimee Picchi at CBS4 Miami. To learn more about how The Miami selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more safety coverage from The Miami, or browse our daily briefing and topic hubs .
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