Mixed Open Expected as Oil Prices Rise Amid Strait of Hormuz Uncertainty

The US stock market is expected to open mixed on Monday as oil prices rise due to uncertainty over the Strait of Hormuz. The S&P 500 was barely changed in early trading, while the Dow Jones Industrial Average slipped 72 points and the Nasdaq composite fell 0.1%. Several big tech stocks were falling, including Apple and Intel, but Berkshire Hathaway rose after delivering a stronger profit than analysts expected.

The energy sector is rising with the price of oil, with Marathon, Occidental, and Valero being the biggest gainers. On the other hand, cruise lines like Carnival and Norwegian, as well as hotels and travel booking sites, fell due to the expected rise in fuel costs. The US dollar rose to 158.80 Japanese yen from 157.72 yen.

The global flow of crude is still uncertain due to the stalemate over the Strait of Hormuz. Iran insisted that the US meet its demands before the strait reopens, and a potential deal between Iran and Oman emerged on managing the strait. The price of Brent crude rose 1.6% to $84.68 per barrel.