Oil Prices Swing Wildly as Wall Street Waits for Inflation Numbers

Oil prices continued their volatile ride Tuesday, settling at $88.91 per barrel after briefly jumping above $90 earlier in the day.

The uncertainty surrounding the war with Iran and its impact on global oil supplies remains a major factor driving price swings.

In related news, US stocks slipped modestly from their records, with the S&P 500 falling 0.3% and the Dow Jones Industrial Average dipping 184 points.

The Federal Reserve's upcoming decision on interest rates has Wall Street on high alert, with economists expecting a reading of 3.4% inflation in July.