Oil Prices Soar Amid Hormuz Uncertainty

Oil prices surged on Monday, rising by over 5% as concerns over supply disruptions and inflation weighed on markets. Wall Street indexes retreated, with the Dow Jones Industrial Average falling 0.11% to 53,975.98, while the S&P 500 edged down 0.06% to 7,753.11.

The rally in oil prices was driven by worries over a potential deal between the U.S. and Iran to reopen the Strait of Hormuz, a key waterway for global oil shipments. Iran insisted that several conditions must be met before the strait can reopen, including compensation and an end to sanctions and military threats.

Meanwhile, investors were cautious ahead of a week packed with economic data releases in Europe. The MSCI index of global stocks edged up 0.04%, while gold prices touched their highest level since early June.