Oil Price Swings Keep Stocks in Check Amid Iran Conflict Uncertainty

U.S. stocks slipped further from their records on Tuesday due to uncertainty surrounding the Iran conflict, while oil prices continued to swing wildly.

The S&P 500 fell by 0.3%, marking its second modest drop since setting a new all-time high on Friday. The Dow Jones Industrial Average and Nasdaq composite followed suit, dipping 0.3% and 0.6%, respectively.

Oil prices were the exception to this trend, rising sharply due to concerns about oil flow disruptions in the Strait of Hormuz following the U.S.-Israel attack on Iran last month. Brent crude briefly touched $90 per barrel before settling at $88.91, a 1.4% increase from Monday.

The high cost of oil has fueled inflation worries, pushing the average price for regular gasoline to $4.01 per gallon, up from less than $3.14 a year ago, according to AAA.