US Stocks Tread Water as Crude Oil Prices Swing Amid Hormuz Uncertainty

US stock markets edged higher on Tuesday, despite ongoing uncertainty about when the Strait of Hormuz will reopen to global oil flow. The S&P 500 rose 0.1% in early trading, staying above its all-time closing high set on Friday. Meanwhile, crude oil prices swung wildly after a brief spike to $90 per barrel.

The price of Brent crude briefly jumped above $90 before pulling back to $87.61 a barrel. US benchmark crude ticked up a couple cents to $82.19 a barrel. Shares of major US oil companies, including Chevron and ExxonMobil, were close to unchanged early Tuesday after jumping 4.5% on Monday.

The average price for a gallon of regular gasoline ticked up overnight to $4.01, according to motor club AAA. Higher oil prices have meant elevated gas prices for consumers, which can impact companies' costs and ultimately their stock prices. The main event for Wall Street this week will be Wednesday's update on US inflation in July.

Economists expect the inflation rate to slow to 3.4% from 3.5% in June, which could relieve pressure on the Federal Reserve to raise interest rates. Higher rates would help keep a lid on inflation but also slow the economy by making borrowing more expensive for households and companies.