Oil prices gives back much of their morning jump as US stocks climb on a still hopeful Wall Street

NEW YORK (AP) — Hope remains on Wall Street that both sides in the U.S.-Iran war can still avoid a worst-case scenario for the global economy, and U.S. stocks climbed on Monday.

The S&P 500 rose 0.6% in late trading after erasing an earlier dip. The Dow Jones Industrial Average was up 102 points, or 0.2%, with an hour remaining in trading, and the Nasdaq composite was 0.8% higher.

Even in the oil market, where prices briefly jumped over $100 per barrel after 21 hours of ceasefire talks failed over the weeked to end the U.S.-Iran war, prices pared their leaps as the day progressed. And the moves were much more modest than the extreme swings that have hit financial markets since the war began in late February.

After the weekend’s talks failed, President Donald Trump announced a blockade of the Strait of Hormuz, a maneuver that raises the pressure on Iran by trying to prevent it from making money by selling oil.