US Stocks Slide as Oil Prices Surge Amid Middle East Tensions

US stocks started the week on a weak note, with the S&P 500 falling 0.4% and the Dow Jones Industrial Average down 520 points or 1% as of 10 am Eastern time.

The decline was largely attributed to rising oil prices, which have increased by over 25% in the past two months due to tensions in the Middle East.

The price of Brent crude rose 1% to $97.95, with a high of $99.46 briefly reached earlier.

High inflation remains a concern for investors, with economists expecting the US government's August report on wholesale inflation to show an acceleration to 5.4% from 4.7% in July.