Oil Prices Fall, Stocks Rise Amid Escalating Iran Tensions

Stocks on Wall Street wavered on Friday as crude oil prices fell for the first time in a week, but still managed to rise. The Dow Jones Industrial Average rose 167 points, or 0.3%, by 2:51 p.m. Eastern time.

The S&P 500 was mostly unchanged and is on track for its second consecutive losing week since March. This comes as the U.S. war with Iran escalates, threatening to slow global oil and gas production.

Critical energy market buffers, including U.S. strategic reserves, have been weakened by this escalation. Theodore Bunzel, head of geopolitical advisory at Lazard Asset Management, wrote that if the Strait of Hormuz remains closed, 'the impact will land on an energy market with far less resilience than in the spring.'

Brent crude fell 4.2% to $96.51, after having risen above $100 on Thursday.