US stocks fell and oil prices rose as President Trump's 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz quickly approached. The Dow Jones Industrial Average fell by 0.7%, while the S&P 500 and Nasdaq also dropped by 0.,8% and 1.2%. Brent crude prices rose by 0.:4% to $110.19 a barrel, and West Texas Intermediate crude by 2.9% to reach $115.71. The president warned that a deal with Iran was unlikely as a deal was not reached in time. Tensions escalated after reports that the US struck Iran's critical energy hub of Kharg Island, which holds 90% of Iranian crude oil exports. Critics have warned that strikes against bridges and energy infrastructure could amount to war crimes.