The Australian Securities Exchange (ASX) is expected to face a volatile start to the week following renewed tensions in the Middle East. The Strait of Hormuz, a critical maritime route for oil shipments, was reported to be closed again by the Islamic Revolutionary Guards Corps (IRGC), which has stated that it will block vessels due to a US blockade on Iranian ports. This action contradicts a ceasefire agreement and has prompted US President Donald Trump to threaten strikes on Iranian infrastructure if a resolution is not reached soon. On Wall Street, the S&P 500 recently hit an all-time high, driven by strong earnings reports from major companies, despite Netflix's disappointing revenue forecast. Oil prices plummeted over the weekend, with Brent crude falling 9.1% and US oil dropping 11.5%. The situation remains fluid, and the market is bracing for further fluctuations as trading resumes.