Oil Price Surge Puts Pressure on US Stocks

US stocks slipped on Monday, still near their record highs, as rising oil prices intensified pressure on inflation and financial markets.

The S&P 500 fell 0.5% after a rally in Brent crude prices rose 2.7% to $90.87 per barrel.

This comes amid uncertainty about the impact of the war with Iran on global oil supplies, which has caused prices to fluctuate wildly over the past month.

The jump in oil prices pushed Treasury yields higher, increasing pressure on the economy and investment prices.