Oil prices jumped and stocks slid today after President Trump declared this morning that his temporary ceasefire with Iran was "over."

🛢️ Between the lines: Oil markets are taking Trump's claim seriously, but not literally.

• The global benchmark Brent crude rose over 5% to around $78 per barrel this afternoon, about $6 above where it began the week following increases yesterday and today.
• The price jump is big — but even now, there are signs that the markets aren't expecting a complete return to war.

Zoom in: There have been larger spikes during the conflict, and prices are nowhere near levels in the spring, when Brent briefly touched $126 in April.

• That suggests the market hive mind isn't pricing in a full re-escalation of the war that brings another prolonged closure of the Strait of Hormuz or forces regional producers to again cut output from wells. (Go deeper)

📉 The impact: Stocks slid, particularly of companies that get squeezed by higher fuel costs.

• The Dow Jones Industrial Average, heavily weighted toward industrials, airlines and logistics names, slid 1.1%.
• The risk-off move was evident in crypto too, with bitcoin sliding 2.5%.

What we're watching: Axios' Barak Ravid this afternoon reported that the U.S. struck Iranian military targets in the Strait of Hormuz today, with a U.S. official saying the strikes were "wider in scope" than yesterday's.

Fed officials saw a wide range of scenarios for how the economy and inflation would evolve at their meeting last month.

• That left the central bank's policy committee divided over the path for interest rates ahead, according to minutes released today, Axios Macro co-authors Neil Irwin and Courtenay Brown write.

The big picture: In Kevin Warsh's first meeting as Fed chairman, he wrestled with significant factions of the Federal Open Market Committee that see ongoing price pressures from the AI buildout, as well as one faction that is more confident that falling energy prices will calm inflation.

Zoom in: The minutes, released after the customary three-week lag, show that all members of the policy committee were ultimately on board with leaving rates unchanged last month.

• The document, however, gives little visibility into whether the Fed will feel compelled to raise interest rates in the coming months.

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✈️ Delta is offering a new "basic" fare for business, providing access to the business cabin with fewer perks around seat assignment, lounge access and earned mileage. (WSJ)

📱 Broadcom shares climbed almost 5% after Apple announced a $30 billion, multiyear chip deal that will see Broadcom expand its manufacturing facility in Fort Collins, Colorado. (CNBC)

🇨🇦 Meta is building its first data center in Canada, a 1 gigawatt facility in Alberta projected to cost the Facebook parent about $9 billion. (Reuters)

Have some old IKEA furniture sitting in a forgotten corner of the room? It could be worth thousands of dollars, Axios' Pete Gannon writes.

State of play: "A growing cohort of millennials and Gen Zers" is fueling the market for vintage IKEA pieces, WSJ reports.

• Items from the Swedish retailer's early decades, particularly from before 1985, have been coveted by collectors for years.
• But now even pieces from as late as the 2010s are beginning to appreciate dramatically in value, the report notes.

By the numbers: "The average IKEA item listed on the online marketplace Chairish now carries a price tag of nearly $1,000, said Chairish vice president of brand and merchandising Noel Fahden," per WSJ.

💭 Pete's thought bubble: I really wish I had held onto those Poang chairs from my first apartment. I spent years arguing that they were vastly unappreciated.