US Stocks Struggle Amid Strait of Hormuz Uncertainty and Rising Oil Prices

US stock markets opened mostly flat on Monday as investors remained cautious due to uncertainty surrounding the Strait of Hormuz, a key route for global oil shipments.

The S&P 500 was up about 0.1%, while the Nasdaq Composite fell 0.1%. The Dow Jones Industrial Average dropped 110 points, or 0.2%.

Iranian Foreign Minister Abbas Araghchi said on Sunday that there was no possibility of restarting negotiations with Washington while the US continued to violate a June memorandum of understanding and had not compensated Iran for those violations.

Oil prices jumped as investors worried that the Strait of Hormuz could remain under pressure, with US West Texas Intermediate crude futures rising about 2% to above $80 a barrel, while Brent crude futures gained about 2% to above $85 a barrel.