Big Techs Fall Premarket While Oil Rises 6%. Iran Says There Is No Plan For a Second Round of Negotiations With U.S. For Now

Big tech stocks fell in premarket trading. SMCI, Broadcom, AMD, Nvidia, TSMC, Micron, Palantir down over 1%.

WTI crude oil futures rose 6.19% to $87.7 a barrel; Brent oil futures rose 5.76% to $95.59 a barrel.

Iran's Foreign Ministry spokesperson Baghaei says there is no plan for a second round of negotiations with U.S. for now.

Tensions in the war ratcheted up over the weekend as the US Navy fired upon and boarded an Iranian-flagged cargo ship in the Gulf of Oman, the first seizure in the US blockade of the Strait of Hormuz.

That critical waterway for energy shipments remained closed early Monday after confusion over the weekend about whether tankers could transit the strait. Iran had initially said ships could pass before abruptly stopping traffic through the waterway less than 24 hours later.

Trump, who on Friday said a deal with Iran was all but agreed, threatened on Sunday to destroy every power plant and bridge in Iran if negotiations fail. Iranians have denied conceding to several of the points the US president has said are part of the plan, including the end of their nuclear program and handing over stockpiles of enriched uranium to the US.

The halt of nearly all traffic in the Strait of Hormuz combined with the cloudiness about the state of US-Iran diplomacy weighed on financial markets Monday.