Mumbai, May 11 -- U.S. stocks fell from their records Thursday after oil prices yo-yoed as Wall Street waits to see whether its hopes for a deal to end the Iran war are warranted or just wishful.

The S&P 500 fell 0.4% from its all-time high set the day before. The Dow Jones Industrial Average dropped 313 points (0.6%) and the Nasdaq composite slipped 0.1% from its own record.

Brent crude oil settled at $100.06 per barrel, down 1.2% from over $115 earlier this week, amid sharp swings. Iran's review of U.S. proposals to end the war sparked hopes of reopening the Strait of Hormuz, freeing trapped tankers. Prices briefly dipped near $96 on Pakistan's mediation optimism before rebounding above $102.

Oil and gasoline remain far pricier than ...