Oil Price Surge Weighs Heavily on Wall Street Stocks

U.S. stocks plummeted on Tuesday as oil prices continued their upward trend following the latest fighting in the war with Iran.

The S&P 500 sank 0.6%, while the Dow Jones Industrial Average dropped 628 points, or 1.2%, and the Nasdaq composite dipped 0.3%.

Oil prices have been on a tear since early July, with Brent crude briefly climbing as high as $99.46 before settling at $97.92, up 0.9%

The higher oil prices are exacerbating inflation worries and putting pressure on companies to grow their profits in order to lift their stock prices.