US Stocks Retreat Amid Iran War Uncertainties and Rising Oil Prices

US stocks retreated on Thursday as Wall Street continued to grapple with uncertainties over the ongoing US war with Iran and its impact on inflation.

The S&P 500 fell 13.59 points, or 0.2%, to 7,709.96, pulling further away from its record set on Tuesday.

The Dow Jones Industrial Average dropped 464.02 points, or 0.9%, to 53,885.10, while the Nasdaq composite fell 15.09 points, or 0.1%, to 26,348.35.

Rising oil prices also contributed to the decline, with Brent crude increasing by 3.8% to $82.49 amid concerns over the global flow of oil through the Strait of Hormuz.