Mumbai, July 14 -- Oil prices jumped Monday following a weekend of attacks in the Middle East, while more losses for computer chip companies and other winners of the artificial-intelligence boom dragged stock markets lower.

The S&P 500 fell 0.8% coming off its fourth winning week in the last five. The Dow Jones Industrial Average dropped 138 points (0.3%) and the Nasdaq composite sank 1.6%.

The price for a barrel of Brent crude oil, the international standard, climbed 9.6% to $83.30 after the United States and Iran each said the Strait of Hormuz is under its control. Fighting in the region has kept oil tankers from using the strait to deliver crude to customers from the Persian Gulf, which drives up fuel prices worldwide. The gains for ...