U.S. Oil Hits $100 As Iran Stalemate Keeps Hormuz Shut; S&P 500 Falls

U.S. crude oil prices traded above $100 a barrel for the first time in three weeks on Tuesday morning as a U.S.-Iran stalemate over restarting negotiations raised the risk of a prolonged closure of the Strait of Hormuz to oil tanker traffic. Oil stocks rose modestly, but not enough to prop up the S&P 500, which staged a mild premarket pullback from record highs. President Donald Trump is reportedly averse to Iran's proposal for reopening the Strait of Hormuz, which sidesteps questions on Iran's nuclear program and would require the U.S. to end its blockade of Iranian ports.