02:23 PM EDT, 03/16/2026 (MT Newswires) -- US benchmark equity indexes were higher intraday, while oil prices dropped as traders continued to track developments in the ongoing US-Israel war with Iran.

The Nasdaq Composite was up 1.2% at 22,376.2 after midday Monday, while the S&P 500 rose 0.9% to 6,694.3. The Dow Jones Industrial Average advanced 0.7% to 46,875.2. All sectors were in the green, led by technology's 1.6% jump.

West Texas Intermediate crude oil fell 4.3% to $94.50 a barrel intraday.

The US is letting Iranian oil tankers to transit the Strait of Hormuz, the world's most important chokepoint for crude flows, CNBC reported Monday, citing Treasury Secretary Scott Bessent. The strait was effectively closed after the Middle East conflict started at the end of last month.

On Saturday, US President Donald Trump pushed China, France, Japan, South Korea, and the UK to send war ships to "keep the Strait open and safe," according to his social media post.

The Strait of Hormuz's continued closure could threaten trading flows of key industrial materials including plastic and aluminum as concerns mount that supply disruptions could move beyond energy markets, Morgan Stanley said in a note.

"Energy disruptions risk causing shortages or delays in downstream materials," Morgan Stanley Chief Global Economist Seth Carpenter said. "These second order effects could outlast the conflict itself, as post conflict efforts will prioritize restoring oil and (liquefied natural gas) flows over industrial capacity."

Separately, Bessent reportedly said logistical reasons could delay an upcoming meeting between Trump and Chinese President Xi Jinping.

US Treasury yields were lower intraday, with the 10-year rate down 5.7 basis points at 4.23% and the two-year rate falling 5.4 basis points to 3.68%.

In economic news, US homebuilder confidence rose this month despite continued affordability concerns amid elevated construction costs and shortages of labor and buildable lots, the National Association of Home Builders and Wells Fargo said.

"While the Freddie Mac 30-year fixed rate mortgage averaged 6.05% in February -- the lowest since August 2022 -- down payment hurdles and uncertainty from the conflict with Iran and the price of oil will be headwinds going forward," NAHB Chief Economist Robert Dietz said.

In company news, Dollar Tree ( DLTR ) shares jumped 6.7%, the third-top gainer on the S&P 500. The discount retailer forecast annual growth in full-year results after its fourth-quarter profit exceeded Wall Street's expectations despite weather-related store closures.

Nebius ( NBIS ) agreed to supply artificial intelligence infrastructure to Facebook and Instagram parent Meta Platforms ( META ) in an up to $27 billion deal. The Dutch AI cloud company's US-listed shares were up 15% intraday, while Meta rose 1.7%.

Public Storage ( PSA ) agreed to acquire smaller self-storage facilities operator National Storage Affiliates Trust ( NSA ) in an all-stock deal worth about $10.5 billion, expanding its presence in high-growth markets. National Storage shares surged 30%, while Public Storage ( PSA ) fell 2.2%.

Gold was down 1.4% at $4,993.5 per troy ounce, while silver decreased 1.1% to $80.43 per ounce.