US equity futures were lower pre-bell Monday as oil prices rose following the US rejection of Iran's conditional proposal to reopen the Strait of Hormuz.

Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.8% lower.

President Donald Trump told his staff that he expects to resume bombing Iran after the US midterm elections in November, The Wall Street Journal reported Saturday.

Iran's conditions had included a halt to US "acts of aggression," an end to the naval blockade and economic warfare, and the release of Iranian assets, CNBC cited Iranian foreign ministry spokesman Esmaeil Baghaei as saying.

After Chinese President Xi Jinping met with President Donald Trump in Washington last week, the two countries have released lists of products worth about $30 billion each that are set to see tariff cuts, the Associated Press reported.

Expected to report financial results this week are Micron Technology (MU), Accenture (ACN), and Nike (NKE).

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $100.41 per barrel and US West Texas Intermediate crude 3.5% lower at $95.63 per barrel.

The Dallas Fed's manufacturing survey for September is due to be released at 10:30 am ET.