Global Stocks Plunge as Oil Prices Soar Amid Iran-US Conflict

The global stock market declined on Tuesday as investors reacted to the ongoing conflict between Iran and the US. The S&P 500 fell by 0.4%, while the Dow Jones Industrial Average dropped by 520 points, or 1%. The Nasdaq composite also slid by 0.3%.

Oil prices continued their upward trend, with Brent crude rising by 1% to $97.95 per barrel. This increase is largely due to the disruption in oil tanker traffic through the Strait of Hormuz and concerns about global supply.

The higher oil prices have contributed to inflation worries, which are expected to be exacerbated by this week's reports on wholesale and consumer price indices. The US government will release its August report on wholesale inflation on Thursday, with economists predicting a 5.4% rate, up from 4.7% in July.

The more closely watched consumer price index will be released on Friday, showing how much people are paying for everyday items like groceries and clothes. Economists expect the inflation rate to ease slightly to 3.3%, but this remains above the Federal Reserve's target of 2%.