Oil Price Surge Sparks Inflation Fears on Wall Street
US stocks have been stagnant as rising oil prices spark concerns about renewed inflation and potential interest rate hikes by the Federal Reserve.
The broader S&P 500 ended the day almost unchanged, while the tech-heavy Nasdaq Composite Index fell by about 0.3 percent, and the Dow Jones Industrial Average rose about 35 points or 0.1 percent.
The sharp increase in energy prices was driven by a new surge in oil prices, with Brent crude futures rising by around 3 percent to above $94 per barrel, briefly exceeding $95 at one point.
US Secretary of State Marco Rubio weighed in on the situation, stating that Iran 'is not serious about negotiations' and warning that if they are not, the US will take necessary actions to protect its interests and those of its allies.