Oil Price Surge Drags US Stocks Lower Amid Ongoing Iran Tensions

Rising oil prices are weighing on the US stock market, pushing it further away from its record high. The S&P 500 fell by 0.8% on Monday after giving back most of its gains from last week. This move is part of a broader trend in the bond market, where investors are seeking safer assets.

The Dow Jones Industrial Average declined by 372 points or 0.7%, while the Nasdaq composite lost 1%. These drops come despite the US government's efforts to address rising tensions with Iran over the Strait of Hormuz. The situation remains uncertain as Iran has proposed opening the strait, but the proposal was rejected by President Trump.