Global financial markets experienced a downturn and oil prices surged following United States President Donald Trump's remarks on Iran. Trump declared that the memorandum of understanding with Iran to end the conflict was "over" and warned that the US would likely conduct additional strikes on Wednesday night after attacks the previous day.

At the NATO summit in Turkiye, before meeting Ukrainian President Volodymyr Zelenskyy, Trump told reporters, "We're going to hit them hard tonight," adding that it "may be a big attack."

The announcement caused travel stocks to plunge, with United Airlines shares falling 3 percent, while energy stocks saw gains. On Wall Street, major indices opened lower: the Dow dropped 0.8 percent, the Nasdaq fell 0.2 percent, and the S&P 500 declined 0.5 percent.

Oil prices reversed their recent decline, with Brent crude reaching a two-week high, reflecting heightened geopolitical tensions. According to the American Automobile Association (AAA), after peaking at $4.48 per gallon ($1.18 per litre) in May, petrol prices have now decreased to $3.79 per gallon ($1.00 per litre).

Spot gold prices also dropped 0.8 percent to $4,072.69 per ounce, marking their lowest level since July 2.

Sources