Oil prices surged and stocks slid on Monday after President Donald Trump said he would reinstate a blockade on Iranian shipping through the Strait of Hormuz.

Traders weighed the latest events in the Middle East and braced for a slew of corporate earnings reports due out later in the week.

Oil prices surged and stocks slid on Monday after President Donald Trump said he would reinstate a blockade on Iranian shipping through the Strait of Hormuz.