[MARKET UPDATE] US index futures declined at the open and oil futures began higher with WTI crude briefly climbing above USD 100/bbl after the US and Iran exchange threats over the weekend, with Trump announcing a 48-hour ultimatum to open Hormuz

The tension between the US and Iran, exacerbated by Trump's ultimatum regarding the Strait of Hormuz, could lead to elevated geopolitical risk. This is significant as it influences energy markets, evidenced by the rise in WTI crude prices above $100. Traders should watch for potential spillover effects into equities and FX as market participants react to these developments.