US Stocks Hold Steady Amid Ongoing Oil Price Volatility

The US stock market held steady near its record highs on Tuesday, August 11th, while crude oil prices continued to fluctuate due to ongoing uncertainty about Iran's impact on global energy supplies.

Oil prices briefly jumped above $90 per barrel before pulling back to around $87.18, down 0.6% from Monday's settlement price.

The closure of the Strait of Hormuz following the US and Israel's attack on Iran in late February has kept oil supplies tight, leading to significant price swings since then.

Higher oil prices have contributed to inflation concerns, with the average cost for a gallon of regular gasoline reaching $4.01, up from less than $3.14 a year ago, according to AAA.