Oil Price Surge Triggers U.S. Stock Market Drop

U.S. stock markets took a hit on Monday as oil prices surged to a new high, reaching $98.87 per barrel for Brent crude.

The rise in oil prices has put pressure on the U.S. bond market and Treasury yields, which have increased by 0.05 percentage points to 5.22% from 5.17% late Friday.

This comes as President Donald Trump rejected an offer from Iran to reopen the Strait of Hormuz, a crucial waterway that has been closed due to tensions between the U.S. and Iran.

Nvidia, a leading chip company, bucked the trend with a 3.5% rise after announcing a historic stock buyback plan worth up to $150 billion.