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President Donald Trump is calling for about seven countries to send warships to keep the Strait of Hormuz open as Iranian strikes continued to impact Gulf countries on Monday.
The Associated Press reported that Tehran has accused the United States, without evidence, of using "ports, docks and hideouts" in the United Arab Emirates to launch strikes on Kharg Island, home to the main terminal handling Iran’s oil exports, as oil prices soared. Brent crude oil was trading near $105 per barrel on Monday.
RELATED: Pentagon IDs 6 Air Force members killed in refueling plane crash
The war with Iran, which has already widened into a broader Middle East conflict, is entering its third week and continuing to expand.
At the same time, Israeli strikes have deepened Lebanon’s humanitarian crisis, with more than 850 people killed and over 850,000 displaced.
Here is the latest on Monday.
Falling oil prices send stocks higher
10:05 a.m. ET: According to the Associated Press, oil prices are down, and stocks are up Monday.
The S&P 500 increased 1% in early trading, coming off its third straight losing week, its longest such streak in a year. The Dow Jones Industrial Average was up 325 points, or 0.7%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.2% higher.
The AP reported that the driver for markets once again was the price of oil. A barrel of benchmark U.S. crude fell 4.1% to $94.62, easing some pressure off the economy after topping $102 earlier in the morning. Brent crude, the international standard, fell 1.4% to $101.72 per barrel after earlier getting as high as $106.50.
Trump says he may delay China trip as Iran war roils oil prices
8:24 a.m. ET: According to the Associated Press, President Trump might delay his China trip because of the Iran war, but Treasury Secretary Scott Bessent said Monday it’s not to pressure Beijing on the Strait of Hormuz.
Bessent told the AP that any delay to Trump’s trip to Beijing wouldn’t be because of disagreements over the Iran war or efforts to reopen the Strait of Hormuz.
"If the meeting for some reason was rescheduled, it would be rescheduled because of logistics," he said. "The president wants to remain in D.C. to coordinate the war and traveling abroad at a time like this may not be optimal."
Trump has suggested he may delay the visit to China at the end of the month as he seeks to increase pressure on Beijing to help reopen the Strait of Hormuz and calm oil prices that have spiked during the Iran war.
Italy signals reluctance to Trump’s call to help open Strait of Hormuz
8:15 a.m. ET: The Associated Press reported that Italy is the latest country to react cautiously to President Donald Trump’s push for allies to help open the Strait of Hormuz.
Italian Foreign Minister Antonio Tajani told reporters in Brussels on Monday that Italy backs reinforcing EU naval missions in the Red Sea, the AP noted.
But he added: "However, I don’t think these missions can be expanded to include the Strait of Hormuz, especially since they are anti-piracy and defensive missions."
Iran says Strait of Hormuz is closed only to US, Israel and their allies
7:05 a.m. ET: The Associated Press reported that Iran’s top diplomat says the key Strait of Hormuz is only cut off for vessels of the United States, Israel and their allies.
"From our perspective it is open," Foreign Minister Abbas Araghchi said of the strait. "It is only closed to our enemies, to those who carried out unjust aggression against our country and to their allies."
Araghchi spoke at a press conference in Tehran on Monday.
Pentagon IDs 6 Air Force members killed in refueling plane crash
Dig deeper:
The Defense Department has identified the six Air Force members who were killed when their refueling plane crashed while supporting military operations against Iran.
The KC-135 aircraft crashed Thursday in western Iraq during an incident involving two aircraft in "friendly airspace." The other plane landed safely.
The airmen killed were Maj. John A. Klinner, 33, of Auburn, Ala.; Capt. Ariana G. Savino, 31, of Covington, Wash.; Tech. Sgt. Ashley B. Pruitt, 34, of Bardstown, Ky.; Capt. Seth R. Koval, 38, of Mooresville, Ind.; Capt. Curtis J. Angst, 30, of Wilmington, Ohio; and Tech. Sgt. Tyler H. Simmons, 28, of Columbus, Ohio.
The Source: Information for this story was provided by the Associated Press and FOX Local reporting. This story was reported from Los Angeles and Washington, D.C.