US stocks slip as oil tops $100 amid Hormuz disruptions
US stocks took a hit on Thursday, with oil prices jumping past $100 a barrel for the first time in months.
The surge was linked to disruptions in the Middle East, especially at the Strait of Hormuz, a major route for oil shipments.
The Dow fell by 88.8 points, the S&P 500 dropped 41.6 points, and the Nasdaq slid by 232.3 points.
Energy costs complicate Fed decisions
Higher energy costs are fueling concerns about inflation and making it harder for the Federal Reserve to decide on interest rates.
Recent data show inflation sticking around, so policymakers may need to keep monetary policy tighter for longer.
Adding to the mix, US President Donald Trump said oil prices might stay high until after midterm elections, leaving investors anxious as they watch global events and upcoming economic reports for clues about what happens next.