Oil prices get back to rising and knock down US stocks

Oil prices turned higher on Monday, pressuring U.S. stocks lower and lifting yields in the bond market. The S&P 500 fell 0.4%, the Dow Jones Industrial Average dropped 274 points (0.5%), and the Nasdaq composite was down 0.5% as Brent crude rose 1.5% to $98.92 a barrel around 10 a.m. Eastern. Oil has been volatile amid uncertainty about when tankers can resume transiting the Strait of Hormuz during the Iran conflict. The latest shift followed President Donald Trump rejecting Iran’s weekend offer to reopen the strait and resume nuclear talks, while U.S. officials said mediators were still working toward a deal. The higher oil backdrop has worsened inflation, with AAA citing regular gasoline averaging nearly $4.48 per gallon versus $3.13 a year ago, and the 10-year Treasury yield rising to 5.21% from 5.17% late Friday. Airlines like United and American fell about 3.2% each.