Wall Street falls as uncertainty over Strait of Hormuz lifts oil prices

The Dow Jones industrial average fell 0.9 percent, the tech-heavy Nasdaq Composite Index lost 0.2 percent and the broad S&P 500 closed down 0.1 percent.

Oil prices rose after Iranian state media reported that Iran's draft agreement for the Strait of Hormuz blocks US and Israeli ships from passing through the vital waterway.

A barrel of North Sea oil (Brent) costs just over $83 at the close of trading in the US, while the corresponding price for American WTI oil is just under $78.

Several reporting companies fell, such as chip companies Sandisk and Western Digital, 6.8 and 13.0 percent respectively.