Oil Surges on Hormuz, Inflation Fears Weigh on Wall Street

Wall Street indexes retreated on Monday as oil prices rallied over 4% due to concerns about the Strait of Hormuz and inflation. The Dow Jones Industrial Average fell 0.25% to 53,901.23, while the S&P 500 lost 0.11% to 7,749.16.

The Nasdaq Composite was down 0.42%, at 26,577.28. This comes after a weaker-than-expected jobs report caused traders to cut their bets on Fed rate hikes.

Iran insisted that the United States must satisfy several demands before the Strait can reopen, fueling uncertainty.