Crude extends gains, stocks drop as Trump considers latest Iran proposal

Oil prices jumped and stocks sank Tuesday as Donald Trump weighed an Iranian proposal that would reportedly re-open the Strait of Hormuz and end the eight-week-old war.Investors were also gearing up for key central bank meetings and earnings reports from Wall Street giants this week.Tehran was reported to have passed "written messages" to Washington via Pakistan spelling out its red lines in peace talks, including on its nuclear programme and the future of the crucial waterway.