Oil futures settled higher as the U.S. and Iran vied for control over the Strait of Hormuz and President Trump said he’s in no hurry to resolve the conflict.

Ship traffic through the Strait of Hormuz is (once again) essentially halted. Play

The price of oil jumped sharply Monday after President Donald Trump cast doubt on another deal with Iran to extend the expiring ceasefire with Iran.

The U.S. and Iran remain in a stalemate as the 60-day negotiation period expires, and access to the Strait of Hormuz remains unclear. Emily Peck, a markets correspondent for Axios, joins with more.

The data is reinforcing concerns about the health of the world's second-largest economy, which has grappled with a deepening supply-demand imbalance.

China’s economic recovery lost momentum in July, with consumer spending, investment and industrial production all coming in weaker than expected, raising pressure on Beijing to introduce additional measures to support growth in the second half of the year.

China’s economic momentum slowed broadly in July, weighed down by muted consumer spending and slumping investment, according to official data released Monday.The numbersRetail sales: Up 0.6% in July from the same month a year ago,

China’s industrial output softened last month and consumer spending was muted, underlining the pressure on the country’s top leadership to fulfil promises to accelerate fiscal stimulus spending. Industrial output expanded 4.