Oil Prices Jump As Iran Levies Strait Of Hormuz Toll; S&P 500 Falls As LNG Stocks Rise

U.S. crude oil prices jumped overnight as Iran took steps to formalize a toll on Strait of Hormuz shipping traffic, adding to market nerves about potential U.S. military escalation. With President Donald Trump's five-day ceasefire now in its fourth day, the S&P 500 slid, while Chevron and some other oil and gas stocks posted modest gains.