December S&P 500 E-Mini futures (ESZ26) are down -0.56%, and December Nasdaq 100 E-Mini futures (NQZ26) are down -1.08% this morning as oil prices climbed amid fading hopes for U.S.-Iran diplomacy, pushing Treasury yields higher and sapping risk appetite.
The price of WTI crude jumped over +4% on Monday after U.S. President Donald Trump told Fox News on Saturday that he rejected Iran’s latest proposal to reopen the Strait of Hormuz as “unacceptable.” Meanwhile, Iran said it would not soften its demands for reopening the strait. President Trump told Axios in an interview on Sunday that Iran had overplayed its hand, while adding that he expects U.S.-Iran talks to resume this week.
