Wall Street Ticks Closer to Record High as Oil Prices Fall Below $100

Wall Street is close to breaking its all-time high as Brent oil prices fell below $100 per barrel on Tuesday. The S&P 500 rose 0.2% and approached its record set last month, while the Dow Jones Industrial Average added 124 points or 0.2%, and the Nasdaq composite jumped 0.4% to a new record.

The decline in oil prices was driven by uncertainty about when the war in Iran will allow crude to flow freely from the Middle East to global customers, causing Brent crude to fall 1.9% to $98.46, down from nearly $110 last week but still higher than its pre-war price of around $72.

The drop in oil prices has led to lower Treasury yields, which have eased pressure on the stock market. The yield on the 10-year Treasury dipped to 4.95% from 4.96%, although it remains above its pre-war level of 3.97%.