S&P 500 futures ticked lower on Monday as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher, keeping geopolitical tensions front and center heading into a pivotal week. Futures tied to the broad market index traded down 0.1%, while Nasdaq-100 futures declined 0.2%. Dow Jones Industrial Average futures fell 112 points, or 0.2%. President Donald Trump on Saturday scrapped plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan for ceasefire talks related to Iran, noting the negotiations could happen by phone. “Too much time wasted on traveling, too much work!” the president wrote in a post on Truth Social. “Nobody knows who is in charge, including them. Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!” Iran’s Foreign Ministry spokesman Esmaeil Baqaei said no meeting between Tehran and Washington is currently planned. Tensions escalated near the Strait of Hormuz after Iran’s Islamic Revolutionary Guard Corps boarded two container ships near the vital shipping lane, a key artery for global crude flows. West Texas Intermediate futures rose 1% to above $95 a barrel, while international benchmark Brent oil futures also gained about 1% to top $106 per barrel. However, an Axios report said Iran has offered a new proposal to the U.S. for reopening the Strait of Hormuz and ending the war while suggesting that nuclear talks be deferred. “While this is a modest negative, we continue to think the conflict remains on a path of de-escalation,” said Adam Crisafulli of Vital Knowledge in a note. On the corporate front, five of the “Magnificent Seven” companies are set to report results in the final week of April, raising the stakes for a market already priced for strong growth. Attention will also turn to the Federal Reserve’s policy decision on Wednesday, which could mark Jerome Powell’s final meeting as chair before Kevin Warsh is expected to take over in May. The Department of Justice decided to drop its criminal probe into Powell on Friday, causing Sen. Thom Tillis to end his block of Warsh’s confirmation. The S&P 500 and Nasdaq Composite ended last week at fresh all-time highs, extending a powerful rally despite tensions in the Middle East and doubts about record artificial intelligence spending. April is shaping up to be a strong rebound month for equities. The S&P 500 is up more than 9%, while the Nasdaq has surged over 15%. The blue-chip Dow has gained more than 6% month to date. U.S. Treasury yields were little changed on Monday as investors look ahead to the Federal Reserve’s monetary policy meeting, during which Fed chair Jerome Powell is widely expected to keep interest rates on hold. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was up less than 1 basis point at 4.314%. The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, was more than 1 basis point higher at 3.793%. Asia-Pacific markets were mostly higher Monday as investors looked past diplomatic setbacks between the U.S. and Iran, even as Middle East worries kept oil prices elevated. Japan’s Nikkei 225 added 1.38% to close at a record high of 60,537.36, while South Korea’s Kospi jumped 2.15% to end the trading day at 6,615.03, also scaling a new peak. In Australia, the S&P/ASX 200 slid 0.23% to 8,766.4. The Hong Kong Hang Seng index lost 0.24% as of its last hour of trade, while mainland China’s CSI 300 closed little changed at 4,770.95 after China’s industrial profits jumped 15.8% from a year earlier in March, accelerating from the 15.2% surge in the first two months of this year. Oil prices were higher on Monday morning as plans for a second round of peace negotiations between the U.S. and Iran unraveled again. Iran’s Revolutionary Guard also reportedly boarded two cargo ships near the Strait of Hormuz as tensions in one of the world’s most important energy chokepoints remain high. International benchmark Brent oil futures with June delivery rose 1.3% to $106.73 per barrel by 7:07 a.m. ET, paring gains after notching $108.50 earlier in the session. U.S. West Texas Intermediate futures with June delivery added 1% to $95.34. Gold prices were largely steady on Monday, as ​traders stayed cautious ​ahead of upcoming central bank ​meetings, wary that persistent strength in oil prices could prompt a more hawkish policy stance. Spot gold fell 0.1% to $4,704.01 per ounce. U.S. gold futures ⁠for ‌June delivery fell 0.4% to $4,719.90.