Oil Price Surge Weighs on US Stocks Ahead of Inflation Data and FOMC Rate Decision

U.S. stocks are mixed after the long weekend, with investors returning to concerns over oil prices and inflation risks ahead of the FOMC rate decision next week.

The S&P 500 trades above its rising trend line, maintaining a constructive outlook, but has eased lower from resistance at the record high of $7,810.

Oil prices have surged to multi-week highs after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened economic warfare.

Brent rose to almost $100 a barrel, while WTI reached nearly $95 a barrel, reflecting physical tightness in the market as tanker flows through the Strait of Hormuz remain below average levels.