US Stocks Fall as Oil Prices Rise Amid Strait of Hormuz Uncertainty

The US stock market dipped slightly on Monday from its all-time high, while oil prices rose due to uncertainty surrounding the Strait of Hormuz.

The S&P 500 fell by 0.1% from its record set on Friday, with the Dow Jones Industrial Average dipping 60 points (0.1%) and the Nasdaq composite declining by 0.3%.

Oil prices increased as investors remained uncertain about when the Strait of Hormuz would reopen, allowing for a smooth flow of crude oil worldwide. Brent crude rose by 5% to $87.72 per barrel.

Economists expect Wednesday's inflation update to show a slowdown in inflation to 3.4% from 3.5% in June, which could mean less pressure on the Federal Reserve to raise interest rates.