US Stocks Plummet as Oil Nears $100 Amid Iran Conflict and Trade Tensions

Wall Street stocks fell on Tuesday as investors watched the US-Iran conflict and fresh trade tensions with Canada. The Dow Jones Industrial Average dropped 511 points, or 0.7%, while the S&P 500 fell 0.2% and the Nasdaq Composite slipped 0.1%. Rising oil prices added pressure on Wall Street, with Brent crude rising 2.3% to $99.22 a barrel, its highest level in about six weeks.

The rise in oil prices is creating fresh inflation worries. Crude prices have jumped sharply over the past month as the US-Iran conflict continues, raising concerns that higher energy costs could push inflation higher. Higher inflation could also affect interest rates, making it harder for the Federal Reserve to lower them.

Investors are waiting for fresh US inflation data, due this week, which will closely watch inflation figures to see whether higher energy prices are starting to affect broader inflation. The Federal Reserve's next policy meeting is also in focus, with traders watching closely for clues about interest rates.