Oil Prices Fall Amid Middle East Uncertainty
US markets are inching higher despite ongoing uncertainty in the Middle East, where heavy fighting threatens to slow oil production. The S&P 500 rose by 0.1% early Friday morning, while the Dow Jones Industrial Average climbed 62 points. However, all three major indexes are still on track to close the week with losses.
The price of Brent crude oil fell for the first time in a week, dropping 2.6% to $97.67 per barrel after reaching $102 earlier this week. US benchmark crude also declined by $2.43 to $89.76 per barrel.
Gasoline prices are following suit, with the average cost of regular gas surpassing $4.10 overnight, according to AAA. This could exacerbate inflation and prompt central banks to raise interest rates, which would slow economies and negatively impact stock prices.