The S&P 500 fell on Wednesday, pressured by a rise in oil prices, as investors looked ahead to another busy day of corporate earnings.

The broad market index was down 0.3%, while the Nasdaq Composite dropped 0.6%. The Dow Jones Industrial Average dipped 73 points, or 0.1%.

Brent crude futures rose 3% to trade above $94 per barrel, hitting their highest levels in over a month and briefly topping $95. West Texas Intermediate futures climbed 3% to above $86 per barrel.

Oil prices traded higher following the 11th straight round of U.S. strikes against Iran, with Secretary of State Marco Rubio saying Iran is “not serious about talks.”

“If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies,” he said.

Rubio also said that American forces would “continue to protect shipping” through the Strait of Hormuz.

Traders have kept an eye on oil as they fear it could keep consumer goods prices elevated — which may lead the Federal Reserve to raise rates.

As of Wednesday morning, fed funds futures traders were pricing in a 27% chance of a rate hike from the Fed this month. Traders were also pricing in a 70% chance of at least a quarter-point hike in September, according to the CME FedWatch tool.