US stock markets were trading cautiously near record levels on Monday due to rising oil prices and fresh tensions around the Strait of Hormuz, the AP reported.The S&P 500 slipped 0.1 percent after hitting an all-time high, while the Dow Jones Industrial Average fell 216 points, or 0.4 percent, as of 9:35 a.m. Eastern time. The Nasdaq Composite rose 0.1 percent.Oil markets saw strong movement, with Brent crude rising 2 percent to $110.37 a barrel and briefly crossing $114 during the session. Prices have risen sharply from around $70 before the war as Iran’s closure of the Strait of Hormuz has disrupted global crude oil flows.Tensions escalated after Iranian media claimed an attack on a US Navy ship near the strait and accused it of “violating maritime safety and navigation norms”. The US military rejected the claims and said that the two US-flagged merchant ships had “successfully passed through the Strait of Hormuz.”US President Donald Trump said the US would guide ships through the strait, potentially restoring oil flows and reducing prices, although uncertainty remains.Despite geopolitical risks, US equities remain near record highs, supported by strong corporate earnings and hopes that the global economy will avoid the worst.Among stocks, Tyson Foods beat expectations on profit and revenue, but fell 2.2 percent after an early gain, as higher beef prices offset lower volumes. Norwegian Cruise Line Holdings also posted stronger-than-expected profit, but dropped 4.7 percent amid concerns over fuel costs and weak travel demand linked to the war.eBay was among the top gainers, rising 5.6 percent after GameStop disclosed a $125 per share cash-and-stock takeover offer and a 5 percent stake. GameStop shares fell 4 percent.In global markets, South Korea’s index rose 5.1 percent and Hong Kong’s Hang Seng rose 1.2 percent, while mainland China and Japan were closed for holidays. European markets were weak, with France’s CAC 40 falling 1 percent.In the bond market, the 10-year US Treasury yield rose to 4.41 per cent from 4.39 per cent late Friday, tracking rising oil prices.