US Stocks Slip Below Record High as Oil Prices Continue to Fluctuate

U.S. stocks fell below their all-time high on Tuesday as oil prices continued to fluctuate amid uncertainty over when the war with Iran will allow crude to flow freely again.

The S&P 500 dropped 0.4%, moving further away from its record set on Friday, while the Dow Jones Industrial Average declined by 145 points (0.3%) and the Nasdaq composite fell 0.8%.

The oil market saw significant swings, with Brent crude briefly rising above $90 in the morning before falling back below $87. It eventually settled at $88.71, up 1.1% from Monday's closing price.

Since the U.S. and Israel attacked Iran in late February, oil prices have been highly volatile, with a single month seeing Brent's price range between $72 and $102 per barrel.