Oil Prices Weigh on US Stocks as Markets Slip Further

Rising oil prices weighed on US stocks on Monday, sending the S&P 500 down 0.8% and pushing it further from its all-time high.

The Dow Jones Industrial Average dropped 372 points, or 0.7%, while the Nasdaq composite fell 1%. The increase in oil prices was led by a 2.8% rise for Brent crude to $100.19 per barrel, which overshadowed a gain for Nvidia after it announced a historic funneling of cash to its investors.

The higher oil prices have been caused by uncertainty about when the war with Iran will allow tankers to flow freely again through the Strait of Hormuz and deliver oil from the Middle East to customers worldwide. President Donald Trump said over the weekend he's rejecting an offer from Iran to reopen the Strait of Hormuz and resume talks on its nuclear program.