Iran insisted that the United States must satisfy several demands before the Strait can reopen, fueling ‌uncertainty. U.S. stocks had hit a record high on Friday after a weaker-than-expected jobs report caused traders to cut their bets on Fed rate hikes. The key event for markets this week is the U.S. inflation ⁠reading for July on Wednesday, which will impact Fed officials' thinking on rates. "If oil prices remain contained and move lower from the current levels, that would prevent the need for the Fed to hike rates," Kumar said. EARNINGS HELP POWER STOCKSStock markets around the world have hit record highs in recent weeks, boosted by strong corporate earnings.