Oil Price Volatility Slams Stocks Again Amid Ongoing Iran War Uncertainty

US stocks slipped further from their records on Tuesday as oil prices continued to swing wildly due to uncertainty about when the war in Iran will allow crude to flow freely again.

The S&P 500 fell 0.3% for a second modest drop since setting its all-time high on Friday, while the Dow Jones Industrial Average dipped 184 points or 0.3%, and the Nasdaq composite sank 0.6%

Brent crude briefly jumped above $90 in the morning before falling back below $87, eventually settling at $88.91, up 1.4% from Monday.

The erratic moves have become typical since the US and Israel attacked Iran in late February, leading to the closure of the Strait of Hormuz and keeping much of the world's oil pent up in the Middle East.