US Stocks Near Record Highs as Oil Prices Fall Amid Iran Tensions

US stocks continued to hover near record highs on Wednesday as futures for the S&P 500 and Dow Jones Industrial Average both gained 0.1%. However, oil prices declined after President Donald Trump mentioned a meeting between US and Iranian officials at the UN General Assembly.

Brent crude dipped 0.3% to $98.99 per barrel, which is still elevated compared to the roughly $72 per barrel level from late February before the Iran war. Benchmark U.S. crude dropped 1.1% to $89.84 per barrel.

ING commodities strategists Ewa Manthey and Warren Patterson attributed the decline in oil prices partly to reports that Saudi Arabia was working to restore its east-west pipeline, which was disabled in an attack.