Oil Prices Ease, S&P 500 Bounces Despite Trump Blockade; What Will China Do?

Crude oil prices eased back near $100 a barrel Monday afternoon, despite President Donald Trump confirming that the U.S. has begun a blockade of Iranian ports as pressure to relent on its nuclear ambitions. The S&P 500 reversed higher as markets signal there's no need for panic about a potential reescalation of the conflict or longer-term shutdown of the Strait of Hormuz. The U.S. military announced a blockade of "all maritime traffic entering and exiting Iranian ports," effective 10 a.m. ET.