Stocks Fall on Doubts Over Imminent US-Iran Deal: Markets Wrap

A rally that drove stocks to record highs faltered and oil whipsawed as doubts resurfaced about an imminent US-Iran deal that would revive energy flows through the key Strait of Hormuz.

Following its biggest advance in a month, the S&P 500 fell. US crude settled near $95 after briefly dropping below $90. Prices climbed in late hours on a news report that sounds of several explosions were heard near a port city in southern Iran. Separately, the nation’s state TV said the US military attacked an Iranian oil tanker and was hit back by missiles.