Oil Prices Plummet as Wall Street Sees Relief from Inflation Fears

Falling oil prices have helped to calm worries about inflation on Wall Street, leading to a rally in U.S. stock indexes.

The S&P 500 rose 1.2% following its wild July, where it swung up and down as oil prices shot higher due to the war with Iran and other concerns.

The price for a barrel of Brent crude sank 4.9% to $83.59 after President Donald Trump said he would hold off on new strikes against Iran at the urging of allies in the region.

This easing of oil prices helped airlines and other companies with big fuel bills lead the market, while Tyson Foods rose 3% after reporting a slightly stronger profit for the spring than analysts expected.