The situation in the Middle East has escalated again, with tensions rising over the weekend and the Strait of Hormuz being declared open by Iran again. While U.S. President Donald Trump announced plans to hold another round of peace talks with Iran, Iran's state media denied participation. This comes as the US continues to blockade Iranian ports. Futures for the Dow Jones Industrial Average fell by 0.9%, S&P 500 lost 0.7%, and Nasdaq-100 declined. Meanwhile, oil prices surged, with global benchmark Brent up 6.77% to trade at $96.5 a barrel.