People work on the floor of the New York Stock Exchange (NYSE) on July 07, 2026 in New York City.

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Stocks moved lower on Wednesday after U.S. President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran is "over" amid renewed hostilities in the Middle East that sent oil prices surging.

The Dow Jones Industrial Average was down 488 points, or 0.9%. The S&P 500 was 0.6% lower, and the Nasdaq Composite dropped 0.4%.

International Brent crude futures were up 4.6% at $77.56 per barrel. West Texas Intermediate futures popped 4.2% to trade at $73.45.

"I think it's over. I don't want to deal with them anymore. They're scum," Trump said.

The president later Wednesday threatened to attack Iran again, saying that "we're going to hit them hard tonight."

Trump's remarks followed what the U.S. called a "series of powerful strikes" against Iran on Tuesday in retaliation to attacks against three commercial vessels traveling in the Strait of Hormuz.

Speaking to reporters at the NATO summit in Ankara, Turkey, on Wednesday, the military alliance's Secretary General Mark Rutte said America's strikes were "absolutely necessary."

"When you have a ceasefire and Iran is basically violating the ceasefire — we see what happened yesterday with ships being attacked — I think it is totally crucial that the U.S. forcefully reacts," he said.

Energy stocks rose as well. Shares of ConocoPhillips and Chevron gained nearly 1% each, while shares of Marathon Petroleum advanced almost 2%.

Consumer stocks that may be impacted by higher energy prices fell. Home Depot slid 3%, while McDonald's pulled back by more than 1%. Booking Holdings slid more than 3%.

Additionally, chip stocks — which came under pressure in the previous session — stabilized. The VanEck Semiconductor ETF (SMH) rose more than 1%, though the fund is still 12% below its recent high.

"Renewed tensions in the Middle East have interrupted what had become an increasingly complacent market narrative, prompting investors to reassess geopolitical risks after several weeks of pricing in a smooth path toward de-escalation," Daniela Hathorn, senior market analyst at Capital.com, said in a note on Wednesday morning.

"The latest attacks have reminded investors that while a ceasefire remains in place, a lasting agreement between the U.S. and Iran is far from guaranteed. Markets had become comfortable with the idea that the conflict would gradually fade into the background but recent developments suggest that assumption may have been premature," Hathorn added.

Investors' attention will also turn to the minutes from the Federal Open Market Committee's June meeting, due at 2 p.m. ET Wednesday. The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh's first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist.

— CNBC's Garrett Downs contributed reporting.