Oil stocks and ETFs jumped in premarket trading. United States Brent Oil Fund LP rose 8%; United States Oil Fund LP and ProShares Ultra Bloomberg Crude Oil rose 7%; Diamondback, Marathon Petroleum, Apache, and Devon rose 4%; ConocoPhillips, Occidental, Cheniere, Spdr S&P Oil & Gas Exploration & Production ETF, Exxon Mobil, and Phillips 66 rose 3%; Valero, Energy Select Sector SPDR Fund, Vanguard Energy ETF, EOG Resources, Baker Hughes, Chevron, and Halliburton rose 2%; BP, Shell, and SLB rose 1%.

Oil prices surged ​on Monday as the U.S. moved to impose a blockade on Iranian shipping after the collapse of weekend peace talks.

The U.S. move, aimed at putting pressure on Tehran, leaves a fragile ceasefire hanging in the balance and no end in sight to the choke on Middle East energy exports - though the mood on trading floors leaned toward hoping for a resolution.

Brent crude futures were up 7.3% at $102 ​a barrel - a gain of more than 40% since the war shut navigation of the Strait of Hormuz.

The Wall Street Journal ​reported Trump and his advisers were weighing limited strikes on Iran, though there were no immediate reports of attacks in the Asia day.

Trump said ​on Sunday that the price of oil and gasoline may remain high into the midterm elections in the U.S. in November, a rare acknowledgement of the ‌potential political ⁠fallout from the war.