Oil Price Surge Weighs on Wall Street Ahead of Inflation Reports

US stocks drifted lower on their return to trading after the latest fighting in the war with Iran pushed oil prices higher.

The price of Brent crude rose 0.6% to $97.54, up from roughly $72 since early July due to increased tensions in the Middle East.

The rise in oil prices is worsening worries about inflation, which has accelerated to 5.4% at the wholesale level and remains above the Federal Reserve's 2% target.