US Stocks Tumble as Oil Prices Soar Amid Strait of Hormuz Uncertainty

Oil prices have rebounded, causing stocks to decline in the US. The S&P 500 fell 0.5% and the Dow Jones Industrial Average dropped 329 points, or 0.6%, after rising 1.5% to $98.87 per barrel for Brent crude oil.

The price surge is due to uncertainty over when tankers can flow freely again through the Strait of Hormuz following the US-Iran conflict. President Donald Trump said he's rejecting an offer from Iran to reopen the strait and resume talks on its nuclear program, stating 'I'd like to make a deal, too. But that deal would not be acceptable.'

The Brent price climbed as high as $101 per barrel but pared its gains after US officials said mediators were still working with Iran and the US on a deal to end the fighting and open the strait.