U.S. stocks have dropped sharply as oil prices continue to surge, with no resolution in sight for opening up the Strait of Hormuz. The Dow Jones Industrial Average dropped 793.47 points, a decline of 1.73 percent, and the Standard and Poor's 500 fell 108.31 points, or 1.67 percent, to end the session at 6,368.85. The three major averages have each fallen more than 7 percent month to date. The tech-heavy Nasdaq Composite led the losses, with the S&P 500 falling 108.01 points. The US dollar performed well against major currencies, rising 0.21 percent to 1.3888, supported by a modest pullback in oil prices. Global stock markets also saw mixed results, with major UK and European indices closing in the red while select Asian markets managed to gain ground.