Gas prices push above $4 as Wall Street awaits inflation report

Oil prices swung sharply this week amid uncertainty over when the Strait of Hormuz will reopen to global oil shipments, with Brent crude oil near $87.61 a barrel and U.S. benchmark crude around $82.19 a barrel after a volatile session. Prices had jumped more than 5% a day earlier after President Trump rejected Iranian demands tied to reopening the strait.

The turbulence has kept gasoline prices elevated for U.S. drivers. The average price for a gallon of regular gasoline rose to $4.01, according to AAA, with elevated fuel costs also raising expenses for companies that ship and produce goods — costs that typically get passed on to consumers.

Wall Street futures were mixed as investors looked ahead to Wednesday's report on U.S. inflation for July. Economists expect the rate to have slowed to 3.4% from 3.5% in June, a reading that could ease pressure on the Federal Reserve to raise interest rates, especially following a weak U.S. jobs report last Friday. Higher rates could help curb inflation but would also raise borrowing costs for households and businesses and weigh on stock prices.

Read the full story at fortune.com.