Crude back above $110 on Strait stalemate as US stocks retreat

Oil prices jumped on Tuesday to their highest level since the US-Iran ceasefire, pressuring US stocks as lack of progress on an accord to reopen the Strait of Hormuz added to inflation worries. Meanwhile, tech stocks took a hit and investors turned their attention to corporate earnings and the outlook for interest rates. Efforts to end the Middle East war appeared at a standstill on Tuesday, with the United States considering Tehran’s latest offer to unblock the strait, and Iran saying Washington could no longer dictate terms.