-- US equity futures were lower pre-bell on Monday after President Donald Trump ordered a blockade of the Strait of Hormuz after US-Iran talks in Islamabad failed to reach an agreement.
Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.6% lower.
"Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said in a post on Truth Social on Sunday. Trump had said that an agreement was not reached due to Iran's unwillingness to give up its nuclear ambitions.
Oil prices were higher, with front-month global benchmark North Sea Brent crude up 7.1% at $101.95 per barrel and US West Texas Intermediate crude 7.7% higher at $103.99 per barrel.
Existing Home Sales, scheduled for release at 10 am ET, are seen declining 0.8% for March after an increase of 1.7% reading in the prior month, according to estimates compiled by Bloomberg.