Wall Street Rallies, Oil Stays Higher as Investors Hope for US-Iran Resolution

GLOBAL MARKET - NEW YORK. Wall Street stocks rose and oil retreated from highs above $100 a barrel on Monday as the U.S. said it continued to engage with Tehran to make a deal even as it blocked Iran's ports after the collapse of peace talks over the weekend.

A fragile ceasefire that halted six weeks of U.S. and Israeli air strikes still hung in the balance. President Donald Trump said 34 ships had passed through the Strait of Hormuz, which handles about 20% of global oil and liquefied natural gas flows. Stocks firmed during the day's trading, reversing earlier losses, although volume was light.