Iran's Threats Send Oil Prices Lower Amid Ongoing Middle East Tensions

Ongoing tensions in the Middle East have oil prices edging lower, but concerns about global energy supplies remain. Iran has threatened to halt oil shipments through the Strait of Hormuz, a key shipping route for global energy markets.

Brent crude, the international benchmark, fell less than 1% to settle at $93.77 a barrel on Sunday.

This modest decline comes as markets closely watch developments in the region and the potential impact on oil supplies if tensions escalate.

Meanwhile, drivers are feeling the effects of elevated gas prices, with the national average price for a gallon of regular gasoline reaching $4.09 on Sunday, according to AAA.

This is about 37.5% higher than the average price before the war began.