Oil Price Surge Sends Stock Market Futures Plummeting

Stock market futures declined on Monday ahead of the open as oil prices surged due to renewed concerns about global supply disruptions. The move followed President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz and resume negotiations.

The S&P 500 Index, Dow Jones Industrial Average, and Nasdaq 100 futures were down 0.47%, 0.38%, and 1.01% respectively as of 5:36 a.m. EDT on September 28. Brent crude was up 3.75% at $108.23 a barrel, while WTI crude rose 3.58% to $97.71 a barrel.

The rise in oil prices added to concerns about inflation and interest rates. Treasury yields remained elevated at around 5.23%, putting pressure on stocks as investors assessed the outlook for inflation and Federal Reserve policy.