Wall Street is modestly lower in premarket trading and oil prices settled despite lingering uncertainty about when the Strait of Hormuz will reopen to the global flow of oil again. Oil prices were on their way up again before suddenly reversing course early Tuesday. Higher oil prices have meant elevated prices for gas, which trickles down to consumers on a number of levels. Accordingly, the main event for Wall Street this week will be Wednesday’s update on U.S. inflation in July. The post Oil prices reverse gains in Strait of Hormuz standoff as Wall Street inches up ahead of inflation numbers appeared first on Fortune.