Oil

The U.S. blockade of the Strait of Hormuz is proving to be no bother to investors.

Stocks rose on Tuesday, with the Nasdaq composite's 2% move giving it a 10th straight day of gains. The S&P 500 rose 1.2%, putting the broad benchmark within 0.2 percentage point of a record. The Dow Jones Industrial Average added 318 points, or 0.7%.

Oil prices retreated with U.S. crude sliding 7.9% to $91.28 a barrel, the lowest level since March 25. Brent crude, the international benchmark, dropped 4.6% to $94.79.

Oil prices resumed their climb and U.S. stock futures jumped after President Trump told aides that he's willing to end the war without fully reopening the Strait of Hormuz, the narrow waterway that handled roughly a fifth of global energy flows before the conflict.

Energy markets initially welcomed the news as a sign that the current phase of the war would wind down soon. However, the trajectory of the conflict is far from certain. Earlier, Trump issued fresh threats against Tehran's energy infrastructure if the strait didn't reopen. Overnight, a Kuwaiti oil tanker anchored off Dubai port was struck by a drone, highlighting escalating tensions in Gulf waters