Oil Prices Surge, Trump Rejects Iran Proposal

Oil prices surged on Monday, causing US stocks to drop. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average dropped 380 points and the Nasdaq composite slipped 0.5%. Brent crude oil rose 3.6% to $100.98 a barrel for delivery in December.

The increase in oil prices overshadowed a gain for Nvidia, which announced a historic stock buyback. President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume talks on its nuclear program. The price of Brent crude oil is now higher than its November contract, suggesting high anxiety over supply.

The US economy will face further economic data releases this week, including a report on job openings by the Labor Department on Tuesday. The Commerce Department will also issue its third and final estimate of how the US economy performed in the second quarter of 2026 on Wednesday.