Stock futures moved sharply lower on Wednesday after U.S. President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran is “over” amid renewed hostilities in the Middle East that sent oil prices surging. Futures on the Dow Jones Industrial Average were down 424 points, or 0.8%, following Trump’s comments in Ankara. Futures tied to the S&P 500 were 0.6% lower, and Nasdaq 100 futures dropped 0.8%. “I think it’s over. I don’t want to deal with them anymore. They’re scum,” Trump said. Trump’s remarks followed what the U.S. called a “series of powerful strikes” against Iran on Tuesday in retaliation for attacks against three commercial vessels traveling in the Strait of Hormuz. Speaking to reporters at the NATO summit in Ankara, Turkey, on Wednesday, the military alliance’s Secretary General Mark Rutte said America’s strikes were “absolutely necessary.” “When you have a ceasefire and Iran is basically violating the ceasefire — we see what happened yesterday with ships being attacked — I think it is totally crucial that the U.S. forcefully reacts,” he said. Energy stocks rose in premarket trading as well. Shares of ConocoPhillips and Marathon Petroleum gained almost 2%, while shares of Chevron and Exxon Mobil advanced more than 1%. Conversely, chip stocks extended their latest pressure. Micron Technology, for instance, was down 4% and was 25% below its 52-week high through Tuesday’s close. The VanEck Semiconductor ETF (SMH) shed nearly 2% and was 13% off its recent high. “Renewed tensions in the Middle East have interrupted what had become an increasingly complacent market narrative, prompting investors to reassess geopolitical risks after several weeks of pricing in a smooth path toward de-escalation,” Daniela Hathorn, senior market analyst at Capital.com, said in a note on Wednesday morning. “The latest attacks have reminded investors that while a ceasefire remains in place, a lasting agreement between the U.S. and Iran is far from guaranteed. Markets had become comfortable with the idea that the conflict would gradually fade into the background, but recent developments suggest that assumption may have been premature.” Investors’ attention will also turn to the minutes from the Federal Open Market Committee’s June meeting, due at 2 p.m. ET Wednesday. The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh’s first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist. “The FOMC minutes will be [a] wildcard simply because Warsh was so opaque at the most recent press conference,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “Normally, [Jerome] Powell provided fairly comprehensive accounting of the meeting discussion, but that didn’t happen with Warsh, so the minutes, which are likely to be hawkish in tone, could contain some surprises.” U.S. Treasury yields rose on Wednesday, led higher by soaring oil prices, after President Donald Trump said at the NATO summit in Turkey that he thinks the ceasefire with Iran is over. The yield on the 10-year Treasury note—the main benchmark for mortgages, auto loans, and credit card debt—was last seen more than 3 basis points higher at 4.561%. Shorter- and longer-term yields also moved higher. The yield on the 2-year Treasury note, which typically tracks short-term Federal Reserve interest rate decisions, was up by more than 3 basis points at 4.197%. Meanwhile, the 30-year Treasury yield, which traditionally moves on geopolitical events, climbed more than 1 basis point to 5.061%. Asia-Pacific markets closed lower Tuesday, with South Korea’s Kospi leading declines. The Kospi closed 5.35% lower at 7,246.79. The Korea Exchange briefly stopped sell-side trading, also known as a sidecar, for the index. Japan’s Nikkei 225 dropped 2.11% to 66,819.05, while the Topix declined 1.37% to 4,006.43. Australia’s benchmark S&P/ASX 200 fell 0.21% to 8,785.10. Hong Kong’s Hang Seng index defied the broader trend, closing 3% higher at 24,199.46, while mainland China’s CSI 300 fell 0.77% to 4,755.53. Oil prices spiked Wednesday after U.S. President Donald Trump said the U.S. ceasefire with Iran is over. West Texas Intermediate futures were 5.69% higher at $74.45 per barrel. Brent crude, the international benchmark, jumped 5.85% to $78.50 per barrel. Both were off earlier highs over 6%. Gold prices fell more than ​1% on Wednesday after U.S. ​President Donald Trump ​said an interim peace deal with Iran was “over,” sending oil prices higher and reviving fears of inflation and higher interest rates. Spot gold fell 1.4% to $4,049.92 ⁠per ‌ounce, its lowest level since ⁠July 2. U.S. gold futures for August delivery shed 2.3% to $4,059.80/oz.