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Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
Before leaving last weekend, peace in the Middle East seemed like a real possibility. But now that possibility has diminished significantly, and tensions are rising again.
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What you need to know today
The situation in the Middle East appears to have taken a turn for the worst, complicating the chances of a peace deal that seemed on the horizon last week and easing investor fears.
Last weekend, the Strait of Hormuz was declared open by Iran, but it has been closed again. US President Donald Trump said negotiators would go to Pakistan for another round of peace talks, but Iranian state media denied Iran’s participation.
Iran’s decision to refuse further talks comes as the United States continues to block Iranian ports, and President Trump said in a post on Truth Social that the United States had seized the Iranian-flagged TOUSKA in the Gulf of Oman.
President Trump said the U.S. Navy opened fire on the ship, disabling it before Marines boarded and captured it.
Markets, which soared to a record last week on hopes that peace would finally return to the region and energy supplies would be restored, are under pressure again.
Dow Jones Industrial Average futures fell 425 points, or 0.9%. S&P 500 futures fell 0.7%, along with Nasdaq 100 futures.
Asian markets painted a mixed picture, with South Korean and Japanese markets rising, but Australian stocks falling.
Meanwhile, oil prices soared, with global benchmark Brent crude rising 6.77% to trade at $96.5 per barrel and US crude oil futures rising 8.05% to $90.56.
