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Stock futures are sinking Monday, and oil prices are on the rise.

Crude oil is are surging after peace talks between the U.S. and Iran ended without a deal over the weekend, with President Donald Trump also threatening to blockade the Strait of Hormuz; Trump threatened China with new tariffs as reports suggest the country is arming Iran; Goldman Sachs kicks off first-quarter big bank earnings today; other big banks reporting this week include JPMorgan Chase, Bank of America and Citigroup, with Netflix and PepsiCo among other leading companies on the agenda.

Here's what you need to know today.

Stock futures are pointing to a lower open as investors react to the news that peace talks between Iranian and U.S. officials failed to produce a deal over the weekend. Dow Jones Industrial Average futures were down 0.4% recently, while those tied to the S&P 500 and tech-heavy Nasdaq 100 were each down around 0.5%. The major indexes finished Friday mostly lower, but posted weekly gains for a second straight week as optimism around a ceasefire with Iran boosted stocks. Gold futures are down 1% to about $4,740 an ounce, while the 10-year Treasury yield is little changed from last week's close of 4.34%. Bitcoin is trading just under $71,000 this morning after jumping as high as $73,800 and falling as low as $70,500 over the weekend.

Crude oil futures are soaring 8% to $104 per barrel. Trump said Sunday after the talks with Iran ended without a deal that the U.S. military would soon blockade the Strait of Hormuz, halting all traffic through the waterway after Iran reportedly took a toll to let some ships through after the ceasefire was announced last week. The U.S. military later said it would blockade ports and coastal areas in Iran rather than the entire strait, and Iranian officials responded with threats to other ports in the region, according to The Associated Press.

Trump over the weekend threatened new tariffs on China in an interview with Fox News, after being asked about a CNN report that suggested U.S. intelligence found that China is supplying weapons to Iran. Trump said he would place a new 50% tariff on Chinese imports if its involvement in supplying Iran is confirmed. Trump's tariff threats have gone quiet in recent weeks as attention has shifted to the war, though he has threatened to tariff imports from countries that help Iran, per CNBC. The Supreme Court in February struck down most of the tariffs Trump imposed last year, with Trump looking to impose new tariffs through other laws.

Goldman Sachs (GS) is the first big bank to report first quarter earnings with results due out at 7:30 a.m. ET Monday. Analysts are projecting first-quarter revenue up 13% year-over-year to $17.06 billion along with earnings of $16.52 per share. Several other banks are set to follow with their own results later this week, with executives expected to weigh in on an uncertain economy that is seeing inflation driven by the Iran war and worsening consumer sentiment. Investors will be looking to the bank earnings for indications about the health of the American consumer and viewpoints on how executives like JPMorgan Chase (JPM) CEO Jamie Dimon see the economy faring this year.

Among the other banks reporting later this week are JPMorgan, Citigroup (C), and Wells Fargo (WFC), all on Tuesday, and Bank of America (BAC) and Morgan Stanley (MS) on Wednesday. Investors will also get a look at the tech sector, with Taiwan Semiconductor Manufacturing (TSM) and Netflix (NFLX) reporting this week, and the grocery industry, with Albertsons (ACI) and Pepsico (PEP) set to post results. Several economic reports are also due out this week, from existing home sales today to the Producer Price Index tomorrow and the Federal Reserve's Beige Book on Wednesday.

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