US Stocks Decline Amid Rising Oil Prices, Inflation Worries

Asian and US stock markets declined Tuesday as investors continued to grapple with rising oil prices. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average dropped 619 points, or 1.2%. Meanwhile, Brent crude briefly reached $99.46 per barrel before settling at $97.92, a 0.9% increase from early July.

The higher oil prices exacerbated concerns about inflation, which has been a major worry for the US economy. This week's inflation reports are expected to show an acceleration in wholesale inflation to 5.4% and a slight easing of consumer price inflation to 3.3%. The Federal Reserve is set to meet next week to decide on interest rates.

The Fed's decision will be closely watched, as it could have significant implications for the economy. Some traders are betting on a 60% probability that the Fed will raise its federal funds rate at the conclusion of its meeting on September 16.