Oil Prices Hold Steady Amid Ongoing War With Iran

Oil prices held steady on Tuesday after surging by nearly 5% as investors weighed the impact of the ongoing war with Iran. The price for a barrel of Brent crude briefly touched $90 in the morning before retreating to around $87.18, down 0.6% from Monday's settlement.

The uncertainty surrounding oil exports has led to significant price swings since the US and Israel attacked Iran in late February. Brent's price has ranged between $72 and $102 per barrel last month alone.

Higher oil prices have contributed to inflation, with the average cost for a gallon of regular gasoline reaching $4.01, according to AAA. This is up from less than $3.14 a year ago but down from last week's nearly $4.09.

The Federal Reserve's upcoming decision on interest rates has Wall Street attention focused on Wednesday, when the latest monthly inflation reading will be released. Economists expect inflation to remain high but decelerate to 3.4% in July from 3.5% in June.