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Oil jumps after President Donald Trump says the U.S. ceasefire with Iran is over after the two sides traded attacks overnight. Chip stocks slide as China reportedly considers limiting foreign access to its top AI models and DeepSeek pursues its own chip. And FOMC minutes due later in the day arrive against a backdrop of higher bond yields.
Today’s recommended read: Oil refiners' Hormuz windfall may prove short-lived, Ron Bousso
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Read more from Amanda Cooper and Anna Szymanski
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Sound engineering and music by Sebastian and Josh Sommer
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