The S&P 500 edged down by 0.1%, the Dow Jones Industrial Average slipped less than 0.1%, while the Nasdaq composite dropped 0.6%

U.S. stock indexes barely budged on Wednesday after oil prices climbed another 3% as fighting continues in the war with Iran.

The S&P 500 edged down by 0.1%, coming off its best day in three weeks. The Dow Jones Industrial Average slipped 6 points, or less than 0.1%, and the Nasdaq composite dropped 0.6%.

Despite the modest moves for indexes, stocks had some big swings underneath the surface. Philip Morris International rallied 3.3% after the company reported stronger profit and revenue for the latest quarter than expected.

The S&P 500 dropped 10.24 points to 7,498.96. The Dow Jones Industrial Average slipped 6.06 to 52,218.58, and the Nasdaq composite dipped 146.30 to 25,690.90.

Stocks broadly also felt pressure from continuing climbs for oil prices, which raise costs for most businesses and erode their profits.

The price for a barrel of Brent crude oil, the international standard, increased 3.4% to $94.07 and briefly topped $95 in the morning to touch its highest level in nearly six weeks. That’s up from less than $72 early this month, which is roughly where it was before the U.S. war with Iran.

Rising oil prices are threatening a reacceleration of inflation. That in turn could push the world’s central banks to raise interest rates, which would slow economies and undercut prices for stocks and other investments.

Oil prices have jumped as fighting in the Middle East keeps oil tankers from using the Strait of Hormuz to exit the Persian Gulf. Normally, a fifth of all oil and natural gas traded passes through the narrow strait.