Oil Prices Fall as Middle East Conflict Continues

Stocks on the New York Stock Exchange rose slightly today, while oil prices fell for the first time in a week. The price of Brent crude dropped to $97.67 per barrel after briefly hitting $102 earlier this week.

The decline in oil prices comes as heavy fighting in the Middle East continues to threaten global oil and gas supplies. Attacks on two Saudi tankers have once again threatened the maritime route that oil companies use to transport crude oil from the Middle East to customers around the world, along with the Strait of Hormuz.

US President Donald Trump has threatened 'major military penalties' against the Iran-backed Houthi rebels in Yemen if they continue to attack ships. Gas prices in the US have risen as a result, with the average price of a gallon of regular gasoline exceeding $4.10 overnight.