Wall Street stocks followed the example of their European counterparts by posting modest losses on Thursday as mixed economic data and simmering tensions between the U.S. and Iran kept uncertainties - and crude prices - high.

US-Iran tensions could push oil prices higher, says Goldman Sachs. The bank's co-head of commodities research said the market sees the situation escalating.

Global stock markets rose Wednesday as traders assessed company earnings and economic data, while oil prices surged more than four percent on a toughening US posture towards Iran.

Oil prices gained over 1% on Wednesday after falling in ​the previous session as investors assessed developments ​in Russia-Ukraine and U.S.–Iran ​talks.