US and Iran continue to trade strikes in the Middle East and that is continuing to cast a dark cloud on markets to start the new week.Iran is making their presence known in attacking ships in the Strait of Hormuz and that has now led to the US imposing their own blockade again. Meanwhile, both sides are still exchanging missile strikes in the region as tensions continue to flare up since the ceasefire deal broke down.As such, daily ship traffic along the Strait of Hormuz has now fallen back to single digits. There's practically zero LNG tankers making their way across and the handful of tankers making their way through are all high-risk transits only. In essence, it means only Iranian or Chinese-linked vessels are passing through using the northern corridor. The great "reopening" didn't even get started really.This is all keeping oil prices underpinned, even opening with a gap higher this week. WTI crude is up a little over 2% to $83.55 now with Brent crude also the same at $90.33.As oil prices move up, it will keep broader markets on edge especially if bond yields continue to shoot higher as well. For now, a holiday in Japan is keeping things a bit quieter as we await European traders to enter the fray. In that lieu, just be mindful about USD/JPY as well just in case.Equities are a bit calmer with S&P 500 futures up 0.2% and Nasdaq futures up 0.5%. However, it represents a minor bounce after the heavy selling to end the week on Friday - which could've been much worse.The rest of the market mood is also a bit more mixed with the dollar not doing all too much. EUR/USD and USD/JPY are both flat at 1.1443 and 162.33 respectively while AUD/USD is seen stretching its legs a little with the currency pair up 0.2% to near 0.7000. That's about it though in terms of notable movement among major currencies.Meanwhile, gold is up 0.1% to $4,019 and silver is seen up 1.7% to $56.85 to start the new week.Thankfully, football won yesterday at least. After 104 games, Spain was crowned champions of the latest World Cup after all so much off-the-pitch controversy and drama throughout the whole tournament. Well deserved. In a competition so dominated by individual narratives, it feels only fitting that the best team is the one who won it all. Congrats, La Roja! This article was written by Justin Low at investinglive.com.