‘You could say the ceasefire has ceased’: Iran is back on Wall Street’s radar as oil prices spike 6%

The truce between Iran and the U.S. that has been fraying over the last four weeks finally showed its first real tears on Monday. 

President Donald Trump said Sunday that the U.S. would help ships get out of the Strait of Hormuz in an effort he called Project Freedom, challenging Iran’s control over the waterway. 

On Monday morning, U.S. Central Command said it helped two American-flagged commercial vessels through the strait, with two destroyers also crossing over and operating inside the Persian Gulf.

That’s when the shooting started. Central Command Chief Admiral Brad Cooper said the U.S. shot down Iranian drones and missiles while also destroying seven Iranian fast boats.

Iranian drones also hit Fujairah, one of the UAE’s most important fueling hubs. The UAE said it intercepted three Iranian “loitering munitions” over its territorial waters. And in a Fox News interview, Trump warned that Iranian forces would be “blown off the face of the earth” if they hit a ship in the strait.

Asked by Bloomberg if the ceasefire had been broken, ...