Oil Price Surge Sends U.S. Stocks Tumbling Amid Inflation Fears

U.S. stocks edged closer to their record highs on Monday despite rising oil prices putting pressure on inflation and financial markets.

The S&P 500 dropped 0.5% but remains near its all-time high set Thursday, while the Dow Jones Industrial Average plummeted 272 points or 0.5%, and the Nasdaq composite slipped 0.3%.

Oil prices surged upward in the afternoon, with Brent crude rising 2.7% to $90.87 per barrel, largely due to uncertainty over the war with Iran's impact on global oil flow.

The price of Brent crude has been volatile this month, swinging between $72 and $102 as hopes for a deal between the U.S. and Iran rose and fell.