US President Donald Trump attends UFC 327: Jiri Prochazka vs Carlos Ulberg at Kaseya Center in Miami, on April 11, 2026. (Photo by Julia Demaree Nikhinson / POOL / AFP via Getty Images)
Julia Demaree Nikhinson | Afp | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
U.S. President Donald Trump has certainly packed a lot into one weekend.
He spent more than four hours watching a UFC title fight in Miami on Saturday, while negotiators failed to reach a deal with Iran during a 21-hour meeting in Pakistan. He then announced his plan to blockade the Strait of Hormuz, while also taking to Truth Social to slam Pope Leo XIV over his views on the Iran war.
A busy 48 hours.
Across the pond, Hungary has voted in a new government for the first time in 16 years.
Much for the investors to digest as markets kick off another trading week.
What you need to know today
Crude oil prices surged on Monday, as the U.S. Navy prepares to impose a blockade on Iran’s ports after peace talks failed over the weekend.
U.S. crude oil futures for May delivery jumped more than 8% to above $100 per barrel, and International benchmark Brent for June delivery also advanced over 8% in early trade.
U.S. Central Command said Sunday the military will blockade all maritime traffic entering and exiting Iranian ports on Monday at 10 a.m. ET. It added that the U.S. will not impede vessels transiting to and from non-Iranian ports.
Asia-Pacific markets traded lower Monday, with India’s Nifty 50 the worst-performing major Asian index, declining nearly 2%. U.S. futures point to a negative open, while European futures are also weaker.
Meanwhile, President Donald Trump on Sunday bashed Pope Leo XIV over the U.S.-born Roman Catholic pontiff’s criticism of the U.S. war in Iran.
The president said he does not “want a Pope who criticizes the President of the United States because I’m doing exactly what I was elected, IN A LANDSLIDE, to do,” in a Truth Social post.
Trump linked the pope’s ascension to his return to office as president.
“Leo should be thankful because, as everyone knows, he was a shocking surprise,” Trump said. “He wasn’t on any list to be Pope, and was only put there by the Church because he was an American, and they thought that would be the best way to deal with President Donald J. Trump. If I wasn’t in the White House, Leo wouldn’t be in the Vatican.”
Hungary’s veteran nationalist leader Viktor Orbán conceded defeat on Sunday after a landslide election victory by the upstart opposition Tisza party, in a setback for his allies in Russia and U.S. President Donald Trump’s White House.
“The election results are not final yet, but the situation is understandable and clear,” Orbán, 62, said at the Fidesz campaign offices.
“The election result is painful for us, but clear.”
European leaders welcomed pro-EU Tisza party leader, Peter Magyar, with European Commission President Ursula von der Leyen saying, “Hungary has chosen Europe”
— Leonie Kidd
And finally…
Goldman Sachs is set to report first-quarter earnings — here’s what Wall Street expects
Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday, and the investment bank is set to benefit from several trends during the first quarter.
Trading desks across Wall Street have been busy at the start of the year as institutional investors set new positions against the churn of AI-led disruption across sectors.
At the same time, the investment banking rebound is expected to continue, with revenue for the industry set to climb by 10% in the quarter, per Dealogic.
For Goldman Sachs, which gets most of its revenue from its trading and investment banking franchise, the main question analysts will have is about the impact of the Iran war that started on Feb. 28.
— Hugo Son