Stock-market futures drop, oil surges above $100 after failed talks between U.S. and Iran over the weekend

U.S. stock-market futures fell Sunday evening after weekend U.S.-Iran talks failed to keep the Strait of Hormuz open, prompting President Trump to announce a blockade of the critical waterway. The move raises the risk of a major oil supply shock and a broad risk-off reaction across global equities, with energy markets and index futures likely to gap lower at the open.

Analysis

U.S. stock-market futures fell Sunday evening after weekend U.S.-Iran talks failed to keep the Strait of Hormuz open, prompting President Trump to announce a blockade of the critical waterway. The move raises the risk of a major oil supply shock and a broad risk-off reaction across global equities, with energy markets and index futures likely to gap lower at the open.