Oil prices rise 5%, and Dow drops 500 points after Trump says ceasefire with Iran is 'over'

NEW YORK (AP) — Oil prices are rising, and stock markets are dropping worldwide Wednesday after President Donald Trump raised doubts about the temporary truce in the war with Iran.

The S&P 500 fell 0.3% after Trump said the agreement to pause fighting was “over,” though he added that he would allow negotiations to continue. The Dow Jones Industrial Average was down 562 points, or 1%, as of 1:36 p.m. Eastern time, and the Nasdaq composite was 0.1% higher, thanks to gains for several big AI stocks including Nvidia.