Oil prices slide as Iran opts for 'porous' Strait of Hormuz

Oil prices fell back near $95 a barrel in U.S. futures markets Monday as Iran's Straight of Hormuz strategy became clearer, with the hard-line regime allowing passage of ships bound for Pakistan, India and China. The pullback in oil prices is allowing the S&P 500 to rally on Monday morning even as the U.S. struggles to find partners for an effort to guarantee safe passage through the key shipping route.