At more than 22 times earnings and with one of the slowest projected growth rates for oil majors -- 11% -- Exxon stock looks suddenly expensive.

Market conditions had already begun to improve on Thursday as President Donald Trump expressed optimism that the war in Iran was nearing its end.

Stock-market futures were down Sunday evening, suggesting investors were bracing for a sharp drop in major indexes after weekend talks between the U.S. and Iran failed to open the Strait of Hormuz and led President Donald Trump to announce a blockade of the crucial waterway.

Global crude benchmark Brent dropped 1.1% to US$98.25 ($125.06) a barrel after US President Donald Trump expressed optimism about securing a permanent ceasefire with Iran.

Wall Street gave up an early rally and went negative. The S&P 500 fell 1.6% after wiping out an early gain of 4.1%, which had it on track for its best day in years. That brought the index nearly 19% below its record set in February.

Stock markets worldwide are sinking on worries about whether the global economy can withstand spiking prices for oil, which briefly got to nearly $120 per barrel on Monday. But for as scary as the moves have been,

Why is oil getting cheaper? Oil prices took a huge bath, with WTI and Brent crude oil both falling 11%. WTI il is selling for just over $84 a barrel, and Brent costs less than $89

World shares are mixed even after Wall Street set another record, as investors watch for signs of U.S.-Iran talks and an extension of the ceasefire expiring next week