Oil Prices Jump, S&P 500 Falls As U.S.-Iran Jabs Puts Ceasefire In Doubt

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. The S&P 500 pulled back moderately as President Donald Trump told Bloomberg that a ceasefire extension was "highly unlikely." Iran is willing to let high oil prices put pressure on the U.S. to make concessions, while Trump is threatening to renew bombing if there's no deal before the two-week ceasefire expires on Wednesday.