Oil Prices Jump As U.S. Seizes Ship, Iran Takes Harder Line; S&P 500 Futures Fall

Crude oil prices jumped Monday morning as the U.S. seized an Iranian cargo ship after Tehran's abrupt reversal of last Friday's announcement that the Strait of Hormuz was completely open. S&P 500 futures pulled back slightly, with markets interpreting the latest setbacks as both sides jockeying for leverage toward an eventual deal. President Donald Trump has said that U.S. negotiators would arrive in Pakistan on Monday for the next round of talks, with the two-week ceasefire set to expire on Wednesday.