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Wall Street hesitates and oil prices climb with uncertainty about the Strait of Hormuz

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NEW YORK (AP) — The U.S. stock market is holding tentatively around its record heights Monday, while oil prices climb with uncertainty about when oil tankers can resume crossing the Strait of Hormuz and restore the world’s flow of crude. Dueling claims about a possible Iranian strike on a U.S. Navy vessel in the strait heightened the tensions. The S&P 500 rose 0.1%, coming off its latest all-time high. The Dow Jones Industrial Average was down 76 points, or 0.2%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.1% higher. The action was stronger in the oil market, where the price for a barrel of Brent crude climbed 1.7% to $110.01 and briefly topped $114 during the morning. Iran’s closure of the Strait of Hormuz due to its war with the United States has kept oil tankers pent up in the Persian Gulf and away from customers worldwide. That in turn has sent the price of Brent soaring from roughly $70 per barrel before the war.…

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