Oil Prices Surge Amid Iran Tensions, Weighing on US Stocks

U.S. stocks declined Tuesday in their return to trading after the latest fighting in the war with Iran pushed oil prices higher.

The S&P 500 fell 0.6%, the Dow Jones Industrial Average dropped 628 points, or 1.2%, and the Nasdaq composite dipped 0.3%.

Rising oil prices were a major concern for investors, with Brent crude briefly climbing to $99.46 per barrel before settling at $97.92, up 0.9% from early July.

The higher oil prices worsened worries about inflation, which is expected to accelerate to 5.4% in August, according to economists.