Oil prices keep rising and weigh on Wall Street
NEW YORK — U.S. stocks are drifting lower Tuesday in their return to trading from a three-day weekend after the latest fighting in the war with Iran pushed oil prices higher. The S&P 500 fell 0.4 percent. The Dow Jones Industrial Average was down 575 points, or 1.1 percent, as of noon Eastern time, and the Nasdaq composite was 0.1 percent lower. In the oil market, the price for a barrel of Brent…
U.S. equities continued to decline on Tuesday morning following the resumption of trading after a weekend break. This decline was triggered by ongoing conflict in the Iran war, which has resulted in a hike in oil prices. The S&P 500 dropped 0.4%, the Dow Jones Industrial Average fell 575 points (1.1%), and the Nasdaq composite slipped by 0.1%.
In the oil sector, a barrel of Brent crude surged by 0.6% to $97.54, up from around $72 in early July due to escalating violence in the Middle East. This surge in oil costs has amplified concerns over inflation affecting households and businesses nationwide. Further data on inflation is expected this week, with the U.S. government releasing the August wholesale inflation report on Thursday, which is anticipated to show a rise to 5.4% from 4.7% in July. The inflation report that most closely impacts consumers will be published on Friday.
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