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Oil prices reached their highest point since May, pushing Wall Street stocks lower on Thursday. The war with Iran had been hindering the flow of crude oil, leading to the surge in prices. Brent crude, the international benchmark, climbed to a brief $108 per barrel before settling at $107.63. This marked its highest level since May, after falling from under $72 in early July as Iran conflict prevented oil from flowing freely.

The jump in oil prices has led to a spike in gasoline prices, averaging nearly $4.28 per gallon, a 34% increase from the previous year. Inflation is accelerating at the wholesale level, reaching 5.4% in July from 4.8% in June. The Fed might raise interest rates to combat inflation, which could make borrowing more expensive, slow down the economy, and hurt investment prices.

The U.S. job market may remain stable despite fewer workers filing for unemployment benefits. The Fed's European counterpart, the European Central Bank, raised its interest rates due to the conflict in the Middle East generating inflation pressures. The 10-year Treasury yield rose to 4.95%, back to levels seen in 2023. This could make mortgages more expensive and hurt the housing industry.