(Yuki Iwamura/AP)Key Takeaways: Oil prices are heading back down Aug. 7 after Brent crude rose nearly 4% on Aug. 6. Oil prices are heading back down Aug. 7 after Brent crude rose nearly 4% on Aug. 6 as progress toward reopening the Strait of Hormuz, vital to securing stable oil supplies, remained unclear. Oil prices have surged as high as $113 due to the war and higher prices have added more heat to inflation by raising the price of gasoline and raising costs for shipping. The Fed has been holding interest rates steady amid worries about hotter inflation, especially fueled by a rise in oil prices because of the U.S. war with Iran. A weakening jobs market could make matters more complicated for the Fed, which has to balance supporting job growth with fighting inflation.