Hormuz Uncertainty and Intel Share Sale Weigh on Wall Street

The Dow Jones Industrial Average dropped 60.95 points on Monday to close at 53,975.98, as investors became cautious over renewed uncertainty about the Strait of Hormuz.

Oil prices surged higher due to this uncertainty, with US West Texas Intermediate crude rising 5% to $82.16 per barrel and Brent crude increasing 5% to $87.74 per barrel.

The proposed Intel share sale also weighed on the market, with shares falling 4%, while Nvidia lost 2.9% and Apple declined 1.5%.