Stocks Slip as Oil Prices Continue to Climb

U.S. stocks began their week on shaky ground Tuesday after a three-day weekend, weighed down by rising oil prices and concerns about inflation.

The S&P 500 fell 0.4%, while the Dow Jones Industrial Average dropped 520 points, or 1%, to 10 a.m. Eastern time.

Oil prices continue to surge, with Brent crude rising 1% to $97.95 after briefly reaching $99.46.

The price jump comes as tensions in the Middle East remain high, with increased fighting eroding hopes for a deal to reopen the Strait of Hormuz and resume oil tanker traffic.

Higher oil prices exacerbate worries about inflation, which is already above 2%, the Federal Reserve's target rate.