Free daily briefing on global business news.
Brent crude climbed to a six-week high after Iran-backed Houthi militants struck Saudi energy infrastructure
Spencer Platt / Getty Images
U.S. stocks fell Tuesday as oil prices pushed toward $100 a barrel, driven by escalating conflict in the Middle East and fresh trade friction with Canada. The Dow Jones Industrial Average lost 511 points, or 0.7%, while the S&P 500 slid 0.2% and the Nasdaq $NDAQ Composite edged down 0.1%. Trading resumed Tuesday after Monday's Labor Day closure.
Brent crude futures rose to their highest level since July, climbing above $99 a barrel after Iran-backed Houthi militants in Yemen struck energy infrastructure in Saudi Arabia. West Texas Intermediate futures settled at $94.54, a gain of 3.3% on the session. Oil prices have risen for three straight days as the U.S.-Iran war continues.
