The Major Market’s tepid results for last week masked the underlying tensions as the summer comes to a close.

The biggest driver last week was the price of crude oil. WTI jumped nearly 10% last week as tension between the US and Iran continued to escalate. By Friday’s close, prices exceeded $91 a barrel. This stands as the highest level since the summer lows in early July.

Not surprisingly, the increase in oil prices fueled the gains in the Energy sector as it added 2.26% last week.

The biggest increases in oil prices took place on Monday and Tuesday which corresponded with the greatest pullbacks in the S&P 500. However, the index managed to recover lost ground midweek to see a slight gain ahead of the long holiday weekend.

In economic news, last week’s employment report saw an increase of 162,000 jobs which significantly beat expectations. This shifted attention back toward next week’s FOMC meeting. The CME Group’s FedWatch tool continues to point to a greater likelihood of a 25 basis point rate hike at the meeting. This week, market analysts will turn their attention to the Producer Price Index and Consumer Price Index for additional clues about the Fed’s next move.