Trump Rejection Sends Oil Prices Soaring Amid Global Market Volatility

The US stock market is experiencing a decline in futures after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz. This decision led to an increase in oil prices, with Brent crude rising by 3.6% to $100.98 per barrel for delivery in December.

However, the price for a barrel of oil delivered more quickly is nearly $108, indicating high anxiety over supply after Trump's rejection of the deal. Benchmark US crude jumped 4.2% to $96.26 per barrel.

In other news, the US dollar dipped to 157.05 Japanese yen from 157.19 yen, and the euro cost $1.1372, down from $1.1393.

Asian markets were mostly lower, with France's CAC 40 edging up 0.2% to 8,095.96, while the German DAX slipped 0.1% to 25,391.66. Britain's FTSE 100 rose 0.2% to 10,719.39.