Oil Prices Slip, Dragging Down Stocks Amid Ongoing Iran War Tensions

Stocks wavered on Friday as oil prices slipped for the first time in a week, but Wall Street is still heading for a losing week. The S&P 500 rose 0.1%, with the index on track for its second consecutive weekly loss since March.

The Dow Jones Industrial Average increased by 133 points, or 0.3%, as of 10:25 am Eastern time, while the Nasdaq fell 0.5%. The decline was weighed down by sharp losses from big stocks like Micron Technology and Broadcom, which dropped 6% and 2.3%, respectively.

The Iran war has increased pressure on Wall Street, with heavy fighting in the Middle East threatening to slow global oil and gas flows. Brent crude, the international standard, fell 3.5% to $97.19, after moving back above $100 on Thursday.