Stock futures sink while oil spikes as the U.S. Navy looks to squeeze Iran's economy and break its grip on the Strait of Hormuz

(Credit: U.S. Navy)

After a week when ceasefire hopes lifted sentiment and stock prices on Wall Street, the U.S. war on Iran could soon flare up again.

Talks between the two countries ended without a deal over the weekend, prompting President Donald Trump to announce that a naval blockade will be imposed on the Strait of Hormuz.