Oil prices rose in New York on Tuesday after fighting in the war with Iran kept global oil flows constrained, and U.S. stocks drifted lower as investors worried about inflation. The S&P 500 fell 0.4 percent, and the Dow Jones Industrial Average dropped 575 points. Brent crude climbed to $97.54 after briefly reaching $99.46, up from roughly $72 in early July. Traders also watched upcoming U.S. inflation reports and the Federal Reserve’s Sept. 16 meeting on interest rates.
Traders work on the floor of the New York Stock Exchange during morning trading on Sept. 2 in New York City. Getty Images via AFP-Yonhap
NEW YORK — U.S. stocks are drifting lower Tuesday in their return to trading from a three-day weekend after the latest fighting in the war with Iran pushed oil prices higher.
The S&P 500 fell 0.4 percent. The Dow Jones Industrial Average was down 575 points, or 1.1 percent, as of noon Eastern time, and the Nasdaq composite was 0.1 percent lower.
In the oil market, the price for a barrel of Brent crude rose 0.6 percent to $97.54 after briefly climbing as high as $99.46. It’s jumped from roughly $72 since early July as increased fighting in the Middle East keeps the global flow of oil constricted.
