Midday Fly By: U.S. strikes targets in Iran, Trump says ceasefire 'over'

The major averages were dropping as oil prices surged once again after the U.S. launched new strikes on Iran, with President Trump saying the ceasefire is "over." Oil prices are up over 7% near midday on fears that renewed hostilities and attacks near the Strait of Hormuz could disrupt global energy supplies. The rally is boosting shares of oil producers, while weighing on airlines, cruise operators and other travel-related stocks that are sensitive to higher fuel costs. Meanwhile, traders are keeping an eye on this afternoon's release of the Federal Reserve's June meeting minutes for additional insight into policymakers' views on inflation and interest rates. However, with oil prices climbing and geopolitical tensions escalating, markets may place greater emphasis on developments in the Middle East than on backward-looking Fed commentary. Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: After U.S. Central Command launched strikes on targets in Iran in response to its attacks on commercial vessels passing through the Strait of Hormuz, U.S. President Donald Trump said that the U.S. ceasefire with Iran is "over" Apple.