Trump Rejects Iranian Offer, Oil Prices Soar, US Futures Plunge

Oil prices surged to $99.96 per barrel on Monday, pushing US futures lower and causing worries about inflation.

The S&P 500 fell 0.9%, and the Dow Jones Industrial Average dropped 394 points, or 0.8%, as of 11 a.m. Eastern time, due to concerns over the Strait of Hormuz and the war with Iran.

President Donald Trump said he's rejecting an offer from Iran to reopen the strait and resume talks on its nuclear program, which helped Brent crude oil prices climb as high as $101 per barrel in the morning.

The price of gold fell 3.9%, making it a weaker investment option when yields are rising, while Nvidia's stock climbed after announcing a historic funneling of cash to its investors through a buyback plan.