Oil Prices Dip as Wall Street Heads for Second Straight Losing Week

Stocks in the US gained ground on Friday as oil prices dropped for the first time in a week, but Wall Street remains on track to post its second consecutive losing week since March.

The S&P 500 rose by 0.4%, while the Dow Jones Industrial Average surged 265 points, or 0.5%, as of 2 p.m. Eastern time. However, both indexes are poised for weekly losses.

Crude oil prices slipped 4.3% to $96.34 per barrel, a significant drop from its recent high above $100 on Thursday. Before the escalation in the US-Iran conflict began in late February, Brent crude traded around $72 per barrel.

The weakening energy market and fresh round of tariffs imposed by the US have raised concerns about potential inflationary pressures. The Fed meets later this month and has been closely monitoring prices and their impact on interest rate policy.