US Stocks Edge Higher as Oil Prices Fall Amid Middle East Tensions
US stocks edged higher on Friday despite heavy fighting in the Middle East, which threatened to slow the global flow of oil and gas. The S&P 500 index rose 0.1% in early trading, while the Dow Jones Industrial Average gained 62 points. However, all three major indexes are still on track to finish the week lower.
The price of Brent crude oil fell 2.6% to $97.67 per barrel for the first time in a week, after reaching a high of $102 per barrel the day before. This decline follows heavy fighting in the Middle East, including attacks on two Saudi oil tankers in the Red Sea.
The US dollar reached a 40-year high against the Japanese yen, with one dollar buying 163.79 yen early Friday. This move is largely due to uncertainties surrounding trade and the crisis in the Middle East.