Mumbai, April 28 -- The U.S. stock market's record-breaking rally slowed on Monday after uncertainty rose over the weekend about what will happen next in the Iran war while oil prices rose.

The S&P 500 inched 0.1% higher to its latest all-time high, a downshift following weeks of big gains driven by strong corporate profit reports and hopes that the economy can avoid a worst-case scenario because of the war. The Dow Jones Industrial Average dipped 62 points (0.1%) while the Nasdaq composite rose 0.2% to its own record.

Oil prices surged over 2.5% as the Strait of Hormuz remains effectively closed, trapping crude in the Middle East and away from global customers, including Iran's blockaded oil. Iran offered to reopen the strait if the U....