US Stocks Rebound as Oil Prices Ease Off Recent Spurt

US stock markets rebounded on Friday, snapping a four-day losing streak for the S&P 500. The index climbed 0.9 percent to close at 7,656.98 after oil prices edged lower.

Oil prices had risen to their highest levels since May due to tensions with Iran, but Brent crude fell by 2.8 percent to settle at US$104.61 per barrel.

The pullback in oil prices helped calm inflation concerns, which remain high despite the drop. Consumer prices rose 3.4 percent last month compared to the same period a year earlier.

The Federal Reserve's next interest rate decision is expected to impact markets, with traders anticipating a hike at its meeting next week. A rate increase could help address inflation worries and demonstrate the Fed's commitment to controlling price growth.