Iran Warns Over Strait of Hormuz After Trump Rejects Reopening Deal: Can Oil's Diplomacy Rally Survive?

Oil traders spent Friday betting on diplomacy, sending Brent crude down 2% to about $104. By Sunday, Trump had rejected Iran's plan to reopen the Strait of Hormuz, and Iran's army said it was ready for renewed U.S. attacks. The real test comes when crude trading reopens: will the risk premium come roaring back?