NEW YORK — U.S. stocks rallied, and oil prices tumbled on hopes that Iran will not disrupt the global flow of crude, even with the United States’ entry into its war with Israel.
A barrel of benchmark U.S. oil swung toward $68 on Monday after briefly topping $78 Sunday night. The S&P 500 rose 1%, the Dow Jones Industrial Average added 0.9% and the Nasdaq composite gained 0.9%.
Iran has the ability to block access to much of the world’s oil, but it would also hurt its own economy by doing so. Treasury yields fell in the bond market.
By Stan Choe, Elaine Kurtenbach and Bernard Condon
