Headlines:Trump says Memorandum of Understanding with Iran is over, don't want to engage with themUS President Trump: Iran are dirty players, they are 'scum'Iran issues statement in condemning blatant violation to ceasefire deal by the USOil prices jump as Trump says that Iran ceasefire deal is overRisk mood sours after Trump walks on Iran deal, threatens to cut trade ties with SpainGold stays under pressure amid US-Iran escalation and increase in rate hike betsECB's Escriva: Will keep all options on the table and decide on a meeting-by-meeting basisChina reportedly decides to lift restrictions on refined fuel exports for the rest of JulyMarket update:WTI crude up 6% to $74.70European stocks slide lower; S&P 500 futures down 1%NZD leads, JPY lags on the day10-year Treasury yields up 5 bps to 4.58%Gold down 1.4% to $4,050Bitcoin down 2.5% to $62,108Geopolitics is back on the menu as US president Trump's visit to Ankara for the NATO summit has already sparked some fireworks.He started by lambasting Spain over their defense spending contribution, or should I say lack thereof, and threatened to cut trade ties with Madrid. That before circling back to his Greenland agenda with much renewed vigour.In the midst of that, he took the time to hit back at Iran by saying that the ceasefire deal/memorandum of understanding is now over. It essentially marks a reset in ties between the US and Iran, leaving things stranded once again.As such, oil prices surged higher on the news with WTI crude climbing by 6% to $74.70 on the day. Brent crude is also seen up by 5.5% to $78.30 on the day.After Trump's remarks, the overall risk mood in markets soured. Equities dropped alongside precious metals, with bonds also selling off again.European indices are mostly down by over 2% on the day while US futures are deepening losses after the setback yesterday. S&P 500 futures are down 1% with Nasdaq futures down 1.4%.Meanwhile, gold is down 1.4% to $4,050 and silver down 2.3% to $58.65 on the day. In the bond market, 10-year Treasury yields have moved up by 5 bps to 4.58% in testing the June high.As for major currencies, the dollar is keeping steadier and just a touch firmer across the board. EUR/USD is flat at 1.1410 with USD/JPY up 0.2% to 162.40 levels on the day. NZD/USD is the main mover but owes much to a more hawkish RBNZ from earlier, with the pair still up by 0.4% to 0.5700 currently. This article was written by Justin Low at investinglive.com.