Commodities
US Stocks Drift Near Records Amid Rising Oil Prices
The US stock market is hovering near its all-time high on Monday as oil prices rise due to uncertainty over the Strait of Hormuz's reopening.
The S&P 500 index was unchanged, with the Dow Jones Industrial Average flat and the Nasdaq composite down 0.3% at 11:30 a.m. Eastern time.
Berkshire Hathaway's stock rose 2.2%, making it one of the strongest forces lifting the S&P 500 index, despite concerns that US stocks are overvalued.
Oil prices surged 3.2% to $86.24 a barrel as hopes for a US-Iran agreement to allow oil tankers to freely exit the Middle East again faded.