Mumbai, July 9 -- 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.

The S&P 500 fell as much as 1.1% after Trump said the ceasefire agreement was "over," but the index then trimmed its loss to 0.3% after Trump said recent fighting did not mean a return to full-scale war. The Dow Jones Industrial Average dropped 576 points, or 1.1%, while the Nasdaq composite rose 0.2% after erasing an early loss.

The action was stronger in the oil market where the price for a barrel of Brent crude climbed 5.2% to $78.02 and briefly topped $80. That's still below its peak from earlier in the war, when the price for the most actively tra...