Oil prices rise, U.S. stocks decline from record-breaking rally

Oil prices were climbing Monday, but the moves were more modest than they were earlier in the war. U.S. stocks, meanwhile, are giving back a bit of their record-breaking rally.

The S&P 500 slipped 0.3% from its all-time high and is on track for just its second drop in 14 days after the United States seized an Iranian-flagged cargo vessel. The Dow Jones Industrial Average was down 22 points, or 0.05%, as of 1:18 p.m. Eastern time, and the Nasdaq composite was 0.45% lower.

The price for a barrel of Brent crude oil, the international standard, climbed 5.51% to $95.36 on worries that Iran could keep petroleum pent up in the Persian Gulf if it continues to block tankers from exiting the Strait of Hormuz. 

It's a turnaround from the last trading day on Wall Street, when stocks soared and oil prices tumbled Friday after Iran said it was reopening the strait to commercial traffic. That enthusiasm vanished quickly after Iran closed the strait again Saturday following the U.S. decision to press ahead with its blockade of Iranian ports.

CBS/AP