U.S. stocks fell for the fourth straight session and Treasury yields hit multiyear highs as U.S. oil prices topped the $100-per-barrel level while August inflation data revealed the toll energy costs are taking on commercial users.

The Dow Jones Industrial Average fell 316.56 points, or 0.60%, to 52064.10. The S&P 500 lost 44.66 points, or 0.58%, to 7591.70 and the tech-heavy Nasdaq Composite declined 171.62 points, or 0.65%, to 26081.72.

Oil futures rose $6.43, or 6.7% to $102.48 a barrel, the highest settlement since May 19. This was oil's eighth straight gain, the longest winning streak in three years. The gains reflect a growing sense that the U.S. and Iran are hunkering down for a war of attrition. The U.S. is squeezing Iran's economy while the government in Tehran is flexing its influence over global energy markets.

The producer price index rose 0.4% in August from the July rate and was up 5.4% from a year earlier due to the recent spike in oil prices. The knock-on effect on diesel prices was particularly marked, economists said.

"September's surge in energy prices will likely tip the balance towards a hike when the Fed meets next week," said Bill Adams, chief U.S. economist at Fifth Third Commercial Bank, in e-mailed commentary.

The yield on the 30-year bond rose 0.075 percentage point to 5.360%, the highest close since June 29, 2004. The yield on the 10-year Treasury added 0.104 percentage point to 4.943% for its largest gain since May and its highest close since October 2023. The yield on the policy-sensitive two-year Treasury rose 0.122 percentage point to 4.548%, the largest increase since March and the highest close in more than two years.