Dow Jones Holds Steady Amid Hormuz Tensions

The Dow Jones Industrial Average is trading near its record high of 53,550, but the war in the Strait of Hormuz has had little impact on US stocks. The 60-day negotiating window expired on August 5 without a resolution, and Iranian officials have threatened to escalate their actions if diplomacy fails.

Crude oil prices rose slightly on the news, with West Texas Intermediate (WTI) near $83.00 and Brent above $88.00. However, three major American refiners - Valero, Marathon Petroleum, and Phillips 66 - are trading at or near record levels, despite not being part of the Dow Jones index.

The refining margin is near $100 a barrel, which could indicate an inflationary pressure on diesel prices. This could have far-reaching consequences for the economy, as diesel is used in transportation and manufacturing.