Late Sunday, oil prices surged and stock futures traded mixed amid rising U.S.-Iran tensions and a widening maritime standoff.

Oil Prices Spike As Middle East Tensions Escalate

Dow futuresfell 52.00 points, or 0.11%, to 49,340.00, while S&P 500 futuresgained 6.00 points, or 0.08%, to 7,200.75 and Nasdaq 100 futuresadvanced 74.00 points, or 0.27% as of 9:38 p.m. EDT.

In commodities, WTI crude oilrose 1.50% to $95.82 per barrel, while Brent crude climbed1.66% to $107.08 per barrel.

RBOB gasoline futuresincreased 1.08% to $3.50 per gallon, while natural gas futuresedged up 0.20% to $2.528 per MMBtu.

ULSD heating oilalso moved higher, rising 2.98% to $4.0034 per gallon.

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Meanwhile, the U.S. dollar index stood at 98.477, down 0.03%.

Asian markets were higher, with Japan's Nikkei 225gaining 1.36% to 60,530.02, while South Korea's KOSPIrose 1.68% to 6,584.49.

Trump Halts Iran Talks, Signals Hardline Stance

On Saturday, Donald Trumpsaid he canceled plans to send envoys to Pakistan for talks with Iran, citing internal divisions within Tehran's leadership.

"Too much time wasted on traveling, too much work," Trump said on Truth Social, adding, "We have all the cards, they have none."

On the other hand, Iranian spokesperson Esmaeil Baqaeihad earlier stated that, "No meeting is planned to take place between Iran and the U.S."

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US Blockade Disrupts Shipping, Raises Global Concerns

According to U.S. Central Command, 38 ships have been turned away or redirected since the operation began earlier this month.

A U.S. Sailor watches a commercial ship as U.S. forces continue to enforce a blockade against Iranian ports, preventing ships from entering or exiting. American forces have directed 38 ships to turn around, or return to port. pic.twitter.com/Trtc41NZyp

— U.S. Central Command (@CENTCOM) April 27, 2026

Iran's military condemned the move as "an illegal act" that amounts to "piracy," underscoring the risk of further escalation.

Meanwhile, Iranian Foreign Minister Abbas Araghchiis traveling to Russia for talks with President Vladimir Putinon Monday, CNN reported, citing state media.

Araghchi earlier questioned whether Washington is "truly serious about diplomacy" following Trump's decision to cancel plans to send envoys to Pakistan.

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