European stocks slumped as U.S.-Iran talks stalled

European stocks slumped on Monday as investors assessed deadlocked negotiations between the U.S. and Iran, suggesting weeks-long disruption to the flow of vital oil supplies will continue.
Over the weekend, US President Donald Trump canceled plans to send negotiators to Pakistan for a new round of talks with Iran, saying Tehran could "call me" because Washington held "all the cards."
The standoff suggests that despite a fragile ceasefire, the U.S. and Iran's blockade of shipping in the Strait of Hormuz, a key passage for a fifth of the world's oil, will continue.
But Axios reported that Iran submitted a new proposal to the United States to reopen the strait, end the war and postpone nuclear discussions to a later date.