Oil price surge hits U.S. stocks, lifts Treasury yields

Oil prices rose Monday, pushing U.S. stocks lower and Treasury yields higher, with the S&P 500 falling 0.5% and the Dow down 329 points as of 9:35 a.m. Eastern time. Brent crude climbed 1.5% to $98.87 per barrel after President Donald Trump rejected an Iranian offer to reopen the Strait of Hormuz, though prices pared gains as mediators continued working on a deal. The 10-year Treasury yield rose to 5.22%, its highest since 2007, while airlines sank on fuel costs and MongoDB dropped 25.6% on its CEO's departure. Nvidia rose 3.5% after announcing a $150 billion stock buyback plan, bringing its total program to $235 billion. Brent remains far above the roughly $72 per barrel before the U.S.-Israel attack on Iran in late February, with average U.S. gasoline prices near $4.48 per gallon, up from $3.13 a year ago.