Mumbai, April 30 -- The S&P 500 finished nearly unchanged and edged down by less than 0.1%, a day after slipping from its latest all-time high. The Dow Jones Industrial Average dropped 280 points, or 0.6%, while the Nasdaq composite inched up by less than 0.1%.

Brent crude oil for July delivery surged 5.8% to $110.44 per barrel amid heightened tensions, peaking at $111.84 later. The most active contract hit a war-high of $119.50 last month, with June's briefly topping $120. President Trump's U.S. blockade on Iranian ships has spiked prices, prompting Iran to close the Strait of Hormuz to global tankers.

High oil prices influenced the Federal Reserve to pause interest rate cuts Wednesday, balancing economic boosts against inflation risks...