{"id":64416,"date":"2026-07-08T04:38:20","date_gmt":"2026-07-08T08:38:20","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-declares-iran-mou-over-as-u-s-halts-trade-with-spain\/64416\/"},"modified":"2026-07-08T04:38:20","modified_gmt":"2026-07-08T08:38:20","slug":"trump-declares-iran-mou-over-as-u-s-halts-trade-with-spain","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-declares-iran-mou-over-as-u-s-halts-trade-with-spain\/64416\/","title":{"rendered":"Trump Declares Iran MOU &#8220;Over&#8221; as U.S. Halts Trade with Spain"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> surged over 4%<\/strong> after President Trump declared the Memorandum of Understanding (MOU) with Iran &quot;over,&quot; effectively ending a fragile ceasefire.<\/li>\n<li><strong>The U.S. has ordered a complete halt to trade with Spain<\/strong>, with Trump labeling the NATO ally a &quot;terrible partner&quot; following Madrid&#39;s refusal to allow U.S. military base access for operations against Iran.<\/li>\n<li><strong>Spain\u2019s IBEX 35 (<a href=\"\/stock\/ES35\">ES35<\/a>) dropped 1.8%<\/strong>, significantly underperforming the broader STOXX 600, as markets reacted to the sudden severance of transatlantic trade ties.<\/li>\n<li><strong>Iran launched retaliatory strikes against U.S. military sites in Bahrain and Kuwait<\/strong> after the U.S. Treasury revoked oil export waivers and conducted &quot;powerful&quot; strikes on over 80 Iranian targets.<\/li>\n<li><strong>NATO Secretary General Mark Rutte confirmed a &quot;step-by-step&quot; implementation of a Greenland deal<\/strong> with the U.S., while European allies pledged increased defense spending to appease the Trump administration.<\/li>\n<\/ul>\n<h2>Middle East Ceasefire Collapses<\/h2>\n<p>Global energy markets were thrown into turmoil Wednesday as President <strong>Donald Trump<\/strong> announced that the U.S. is withdrawing from the Memorandum of Understanding (MOU) with <strong>Iran<\/strong>. Speaking at the <strong>NATO<\/strong> summit in Ankara, Trump described the agreement as &quot;likely finished&quot; and referred to Iranian leadership as &quot;scum&quot; and &quot;dirty players.&quot; The president stated he no longer wishes to engage with Tehran, though he noted that lower-level negotiators might continue talks despite him viewing them as a &quot;waste of time.&quot;<\/p>\n<p>The collapse of the deal follows a violent escalation in the <strong>Strait of Hormuz<\/strong>, where the U.S. military launched strikes against more than 80 targets last night. These actions were in response to Iranian attacks on three commercial vessels, including a Qatari LNG tanker. In retaliation, the <strong>Islamic Revolutionary Guard Corps (IRGC)<\/strong> targeted U.S. military installations in <strong>Bahrain<\/strong> and <strong>Kuwait<\/strong>, including the headquarters of the U.S. Navy&#39;s Fifth Fleet.<\/p>\n<h2>Market Reaction: Oil Spikes, Spanish Stocks Tumble<\/h2>\n<p>Oil benchmarks reacted sharply to the news, with <strong>Brent Crude (<a href=\"\/stock\/BZ=F\">BZ=F<\/a>)<\/strong> and <strong>WTI Crude (<a href=\"\/stock\/CL=F\">CL=F<\/a>)<\/strong> both rising more than <strong>4%<\/strong> in early trading. The price of <strong>Brent<\/strong> surged toward <strong>$74 a barrel<\/strong>, erasing recent declines that had been driven by hopes of a lasting peace. Analysts warn that the return to a &quot;de facto closure&quot; of the <strong>Strait of Hormuz<\/strong> could push prices toward the <strong>$100<\/strong> mark if the conflict escalates further.<\/p>\n<p>In equity markets, Spain&#39;s <strong>IBEX 35 (<a href=\"\/stock\/ES35\">ES35<\/a>)<\/strong> fell <strong>1.8%<\/strong> following Trump&#39;s directive to Treasury Secretary <strong>Scott Bessent<\/strong> to halt all trade with the country. The president criticized Spain as a &quot;poor NATO ally,&quot; citing its refusal to allow U.S. forces to use joint military bases for strikes against Iran. This trade freeze follows months of tension between Washington and the left-wing government in Madrid over defense spending and military cooperation.<\/p>\n<h2>NATO Tensions and the Greenland Deal<\/h2>\n<p>Despite the friction with Spain, <strong>NATO<\/strong> Secretary General <strong>Mark Rutte<\/strong> attempted to project a sense of alliance unity by announcing that European members are significantly increasing defense spending. <strong>Rutte<\/strong> also confirmed that a deal regarding <strong>Greenland<\/strong> is being implemented &quot;step-by-step,&quot; including an increased U.S. military presence on the island. Trump reiterated his belief that the U.S. should have retained control of Greenland after World War II, dismissing its significance to <strong>Denmark<\/strong>.<\/p>\n<p>The president also turned his attention to <strong>China<\/strong>, praising President <strong>Xi Jinping<\/strong> for being &quot;fair&quot; while simultaneously rejecting Chinese influence over the <strong>Panama Canal<\/strong>. Trump claimed that China is seeking control over the strategic waterway and asserted that the U.S. would not allow such a shift in power. Meanwhile, EU Foreign Policy Chief <strong>Kaja Kallas<\/strong> condemned the Iranian attacks on <strong>Bahrain<\/strong> and <strong>Kuwait<\/strong> as &quot;unacceptable&quot; and scheduled an emergency meeting with Gulf foreign ministers for next Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude oil prices surged over 4% after President Trump declared the Memorandum of Understanding (MOU) with Iran &quot;over,&quot; 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