The price of oil fell slightly Tuesday but experts see geopolitical tensions preventing any significant short-term declines.
U.S. benchmark crude for August delivery fell 17 cents to $104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to $102.39.
Brent crude for September delivery, a benchmark for international oils, dropped 35 cents to $107.33 on the ICE Futures exchange in London.
Fighting between the Israeli military and Palestinian militants in Gaza has added to the risk of instability in the oil-rich Middle East just as tensions have intensified between the West and Russia, a major oil and gas producer, over the Ukraine crisis.