safety
Oil prices rise, and stocks drop worldwide after Trump says ceasefire with Iran is 'over'
By AP at ABC7 Los Angeles (KABC)
· July 8, 2026
· 1 min read
Oil prices rose, and stock markets dropped in shaky trading worldwide Wednesday after President Donald Trump raised doubts about the temporary truce in the war with Iran.
Why this matters in The Los Angeles
The sudden spike in oil prices will likely have a ripple effect on Los Angeles commuters, who already face some of the worst traffic congestion in the country. As oil prices rise, so too will the cost of gasoline, which could lead to increased costs for drivers and businesses that rely on transportation. This, in turn, may impact the local economy, particularly small businesses and low-income residents who have limited budget flexibility. With the city's heavy reliance on cars and trucks, any increase in fuel costs will be felt across the community, from commuters to consumers. As the situation with Iran continues to unfold, Angelenos should be prepared for potential price hikes at the pump and consider alternative transportation options, such as public transit or carpooling, to mitigate the impact of rising fuel costs.
About this story
Original reporting by ABC7 Los Angeles (KABC) . The Los Angeles surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit ABC7 Los Angeles (KABC) . Have a tip or correction? Contact our newsroom .
Category: safety ·
Published: July 8, 2026 ·
Source: ABC7 Los Angeles (KABC) ·
Reading time: 1 min
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Frequently asked about this story
What is this story about? Oil prices rose, and stock markets dropped in shaky trading worldwide Wednesday after President Donald Trump raised doubts about the temporary truce in the war with Iran.
When was this published? This article was first published on July 8, 2026 by ABC7 Los Angeles (KABC) and curated for The Los Angeles readers.
Who reported this story? This story was reported by AP at ABC7 Los Angeles (KABC). To learn more about how The Los Angeles selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more safety coverage from The Los Angeles, or browse our daily briefing and topic hubs .
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