U.S. stocks rose and oil prices pulled back Monday as efforts to restore the flow of oil through the Persian Gulf intensified.
The Dow industrials climbed 388 points, or 0.8%. All 11 sectors of the S&P 500 were up, with the broad benchmark advancing 1% and the Nasdaq composite moving 1.2% higher.
Futures for Brent crude, the international benchmark, retreated back to $100.21 a barrel after briefly pushing past $105. WTI crude futures fell 5.3% to $95.50.
President Trump said “numerous countries have told me they’re on the way” to help fully open the Strait of Hormuz, the vital waterway that Iran has effectively closed, though he also said the U.S. didn’t need help.
Trump also said the U.S. spared oil facilities in its bombardment of Kharg Island, Iran’s key export hub, on Friday, but warned he would reconsider that decision if Iran doesn’t open Hormuz. Energy Secretary Chris Wright said high gasoline prices could last “a few more weeks.”
The war’s economic fallout will be in focus for economic policymakers this week, which brings interest-rate decisions from the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England.
Trump at an appearance Monday urged Fed Chairman Jerome Powell to cut interest rates “right now,” saying that the central bank “should have a special meeting” to reduce rates.
This week could also be a busy one for artificial-intelligence news. Nvidia shares rose 1.5% as CEO Jensen Huang gave a keynote speech at the chip maker’s AI conference Monday afternoon.
Write to Ed Ballard at ed.ballard@wsj.com
