Oil Slips as Supply Glut Offsets Gulf TensionsStock Market News From Jan. 2, 2026: Dow, S&P 500 End Losing StreaksLast Updated:17 hours agoByJoseph Michael Stonor, Dow Jones NewswiresOil was slightly lower early Friday as prices held around three-month averages.Brent crude was down 0.4% at $60.60 a barrel, while WTI was down 054% at $57.16 a barrel. Escalating tensions between Saudi Arabia and the United Arab Emirates add to geopolitical risk premium, as the states' respective proxies clash in Yemen.The recent dispute centered around a strike on a Yemeni port that serves as the gateway to the country's oil region. Supply gluts pushed oil to its sharpest annual loss since 2020, with Brent falling 18%