EconomyHormuz Deal Remains Elusive as Stocks Hold Near Record Highs

Stocks stayed close to record levels, with Asian markets tracking Wall Street’s gains from Friday. Weak US jobs data reduced expectations that the Federal Reserve would raise interest rates. Oil traded near $83 a barrel while efforts to reach an agreement reopening the Strait of Hormuz remained unresolved. Iranian Foreign Minister Abbas Araghchi said over the weekend that an arrangement with Oman to create a shipping route through Hormuz was “very close.” He nevertheless ruled out direct talks with the US for now, citing violations of an interim peace deal.