US markets slide as Trump rejects Strait of Hormuz reopening
Business
US markets are feeling the heat after President Trump shot down Iran's offer to reopen the Strait of Hormuz, a crucial route for oil.
Dow futures slid over 160 points, while S&P 500 and Nasdaq also dipped.
Meanwhile, oil prices surged: Brent crude is now at $106.29 a barrel and West Texas Intermediate is close to $94.
Saudi exports rise, Fed speeches loom
Despite pricier oil, Saudi Arabia actually boosted its exports in September, hitting six million barrels per day.
Tensions with Iran over this key shipping lane are still simmering.
On the economic front: big updates are coming with Federal Reserve speeches that could hint at interest rate hikes, plus fresh GDP numbers and jobs data, all things that could shape where the market heads next.