NEW YORK (AP) — The U.S. stock market’s record-breaking rally slowed on Monday after uncertainty rose over the weekend about what will happen next in the Iran war, while oil prices rose.

The S&P 500 inched 0.1% higher to its latest all-time high, a downshift following weeks of big gains driven by strong corporate profit reports and hopes that the economy can avoid a worst-case scenario because of the war. The Dow Jones Industrial Average dipped 62 points, or 0.1%, while the Nasdaq composite rose 0.2% to its own record.

The moves were stronger in the oil market, where prices climbed more than 2.5% as tankers find the Strait of Hormuz still effectively closed. That’s keeping crude stuck in the Middle East and away from customers worldwide, including oil produced by Iran that’s being blockaded by the U.S. Navy.

Iran has offered to reopen the strait if the United States ends its blockade, while proposing that discussions on the larger question of its nuclear program would come in a later phase. But U.S. President Donald Trump seems unlikely to accept the offer, which was passed to the Americans by Pakistan.

Over the weekend, Trump told U.S. envoys not to go to Pakistan, which has been playing a crucial mediating role. By saying the Iranians could call Washington with any proposal, Trump appeared to signal he’s content to try to continue to squeeze Iran with the blockade.

The price for a barrel of Brent crude to be delivered in June climbed 2.8% to settle at $108.23. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 2.6% to $101.69 per barrel.

Brent prices were at only about $70 per barrel before the war and have briefly shot to nearly $120 a couple times when fears about the war have hit their heights.

Even with more expensive fuel bills, most big U.S. companies have nevertheless been reporting profit growth for the start of 2026 that’s even stronger than analysts expected. That in turn has helped the S&P 500 jump 13% since hitting a low in late March.

This upcoming week could be a blockbuster for the market, with several of Wall Street’s most influential stocks scheduled to deliver their profit reports. Alphabet, Amazon, Meta Platforms and Microsoft are all scheduled to report on Wednesday alone. Apple will report on Thursday.

Verizon Communications joined the list of companies topping analysts’ expectations on Monday, and its stock rose 1.5% after the company said it added more postpaid phone customers than it lost during a first quarter for the first time since 2013. It also raised its forecast for profit growth this year, even though its revenue for the first quarter fell short of analysts’ expectations.

Source: WPLG