Energy stocks and ETFs surged in overnight trading. ProShares Ultra Bloomberg Crude Oil and United States Oil Fund LP rose 5%; United States Brent Oil Fund LP rose 4%; Apache, Devon, Spdr S&P Oil & Gas Exploration & Production ETF, Valero, and Vanguard Energy ETF rose 3%; Shell, ConocoPhillips, Diamondback, Occidental, Halliburton, Marathon Petroleum, BP, EOG Resources, Exxon Mobil, Phillips 66, Energy Select Sector SPDR Fund, Cheniere, Baker Hughes, and Chevron rose 2%; Total SA rose 1%.

Crude oil jumped and the dollar strengthened as a relief rally driven by hopes of easing Iran tensions unraveled, giving way to renewed caution after a weekend escalation between Washington and Tehran.

Global crude benchmark Brent jumped 5.6% to about $95.50 a barrel, recouping some of Friday’s sharp losses after prices slumped on Iran’s declaration that the Strait of Hormuz was “completely open.” Treasuries fell across the curve at the open on concerns higher oil prices will stoke inflation. The dollar strengthened, after weakening for the past three weeks on hopes for an end to the war.

U.S. construction supplies distributor QXO struck a $17 billion deal on Sunday to acquire building products distributor ‌and installer TopBuild, adding to a wave of acquisitions by the company led by billionaire dealmaker Brad Jacobs. TopBuild shares surged nearly 20% in overnight trading, while QXO rose 1%.

Blue Origin's New Glenn mission placed AST SpaceMobile's BlueBird 7 satellite into an incorrect orbit, leading to the satellite de orbiting. AST SpaceMobile shares sank 12% in overnight trading.