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Each day seems to deliver some new development in the Middle East, and at this point no one really knows where matters will stand by the end of the session. The Strait of Hormuz reopened it on Friday, helping fuel a burst of relief across markets, then it closed it again over the weekend after the U.S. said it had seized an Iranian-flagged cargo ship accused of trying to slip past the American blockade. Trump then renewed threats against Iranian infrastructure. Iran, in turn, said there were no plans for another round of negotiations with Washington, even as the White House pointed to talks in Pakistan and Vice President JD Vance prepared to arrive there. Tehran has not committed to attend. With so much uncertainty, it's no surprise that futures are in the red this morning.

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