Crude back above $110 on Strait stalemate fears

Oil prices jumped on Tuesday, climbing back above $110 per barrel, amid a lack of progress in re-opening the key Strait of Hormuz. 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.