Oil Price Surge Weighs on US Stocks, Inflation Concerns Linger

US stocks fell on Tuesday as rising oil prices weighed on investors' minds. The S&P 500 dropped 0.5%, while the Dow Jones Industrial Average slid 619 points, or 1.2%. The Nasdaq composite was down 0.2%.

The increase in oil prices was partly due to ongoing fighting in Iran, which has constricted the global flow of oil. Brent crude briefly touched $99.46 per barrel but later settled at $97.92, up 0.9% from its previous level.

Economists expect this week's inflation reports to show an acceleration in wholesale prices to 5.4% and a slight easing in consumer price growth to 3.3%. These numbers will influence the Federal Reserve's decision on interest rates at its upcoming meeting.