Oil Price Surge Sends Wall Street into Decline as Strait of Hormuz Uncertainty Lingers

Wall Street closed lower on Tuesday due to rising oil prices and renewed uncertainty over the Strait of Hormuz, which weighed heavily on investor sentiment. The Dow Jones Industrial Average fell 188 points, or 0.35%, to close at 53,787.57.

The S&P 500 declined 0.33% to 7,727.79, while the Nasdaq Composite lost 0.60% to finish at 26,445.00.

Investors turned cautious after hopes of an imminent agreement between the US and Iran faded, even as Pakistan suggested progress was being made toward a broader arrangement.

The upcoming consumer price index (CPI) report on Wednesday and producer price index (PPI) data on Thursday will provide key indicators for the Federal Reserve's next policy move.