NEW YORK — Oil prices are climbing following the latest rise in tensions between the United States and Iran, and U.S. stocks are giving back a bit of their record-breaking rally.
The S&P 500 slipped 0.1 per cent early Monday after the United States seized an Iranian-flagged cargo vessel over the weekend that it said had tried to evade its blockade of Iranian ports.
The Dow Jones Industrial Average edged down 29 points, and the Nasdaq composite fell 0.3 per cent.
Brent crude climbed four per cent. It’s a sharp turnaround from Friday, when oil prices tumbled after Iran said it was reopening the Strait of Hormuz.
