Trump Rejects Iran Deal, Oil Prices Soar on Global Markets

Oil prices surged on Monday after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz. The move sent shockwaves through global markets, causing futures for major indices like the S&P 500 and Dow Jones Industrial Average to decline.

The rejection of the deal, which included a plan to lift sanctions on Iranian oil sales and observe a ceasefire in Lebanon, was met with a significant increase in crude prices. Brent crude rose by 3.6% to $100.98 per barrel for delivery in December, while U.S. benchmark crude jumped 4.2% to $96.26 per barrel.

The spread between November and December delivery is broad, suggesting high anxiety over supply after Trump's rejection of the deal. This could have significant implications for global markets, which are already reeling from rising oil prices.