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

The ceasefire between Iran and the U.S. appears to have collapsed, with Donald Trump announcing Project Freedom to support ship passage through the Strait of Hormuz. The U.S. retaliated by downing Iranian drones and missiles and attacking Iranian forces in the Persian Gulf, escalating tensions. Markets reacted with a surge in oil prices, and inflation forecasts have increased.