Oil Prices Dip for First Time in Week Amid Ongoing Middle East Tensions

Stocks on Wall Street inched up slightly while oil prices fell for the first time in a week, despite ongoing tensions in the Middle East threatening global oil supplies.

The S&P 500 rose 0.1%, with the Dow Jones Industrial Average increasing by 62 points and the Nasdaq composite slipping 0.1%.

Oil prices dropped, with Brent crude falling 2.6% to $97.67 per barrel, after reaching a high of $102 earlier in the week.

The recent surge in oil prices is largely attributed to tensions in the Middle East, particularly the Iran conflict, which has disrupted global oil supplies.