Oil prices extended their rally Tuesday as U.S.-Iran negotiations remained deadlocked over reopening the Strait of Hormuz and limiting Iran's nuclear program. Brent crude, the international benchmark, jumped more than 2% to above $104 a barrel for July delivery, having gained roughly $10 over the past week.

The global oil benchmark remains more than 40% higher than before U.S.-Israeli strikes on Iran in late February. The Strait of Hormuz, a narrow waterway between Iran and Oman, typically carries as much as one-fifth of the world's oil supply, making the shipping disruption particularly consequential for global energy markets.

S&P 500 futures pointed to a slight decline as investors await a Federal Reserve interest rate decision and a batch of earnings from technology companies spending hundreds of billions on artificial intelligence. Meanwhile, consumers are feeling the pain at the pump: gasoline rose to a national average of $4.18 a gallon, up 40% since the war began, while diesel climbed to $5.46, a 45% increase.