Oil Prices Rebound on Tanker Attack, US Stocks Drift Amid Weak Retail Sales

Oil prices are recovering after two United Arab Emirates tankers were attacked while trying to cross the Strait of Hormuz, a key waterway for global oil shipments. The average price of gas rose to $4.08 per gallon, according to motor club AAA.

The attack on the ADNOC tankers has raised concerns about disruptions to oil supplies and prices. Despite this, Brent crude slipped 0.2% to $86.92 a barrel.

Meanwhile, U.S. stocks are drifting around their record heights after a report showed surprisingly weak retail sales in July. This could keep interest rates low, but also raises the risk of a worst-case economic scenario of slow growth and high inflation.