Trump Rejects Iran's Hormuz Proposal, Oil Prices Soar Above $100
US stock futures dipped on Monday as investors weighed President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz and his refusal to rule out renewed military strikes before the November midterm elections.
The Dow futures fell 0.30%, S&P 500 futures slipped 0.33%, and Nasdaq-100 futures declined 0.60% in overnight trading late Sunday, while crude oil extended its climb, with Brent futures topping $106 a barrel.
Iran's proposal was made through Qatari mediators for a seven-day reopening of the Strait of Hormuz and a pause in regional fighting, followed by broader negotiations. Trump rejected the offer, saying Iran was seeking a deal only because it was under heavy pressure.
'They want to make a deal, but it is not the deal that I want to make,' Trump told Axios on Sunday. 'It is what we would have maybe agreed to a year ago. They overplayed their hand.'