Oil continues to fall

Oil prices fell for a second session despite markets’ risk-off stance and increased attacks on ships off Yemen. Brent crude approached $85 a barrel and U.S. crude fell to $80. The decline came despite two ships being attacked. A coal ship recently sank as Houthi militants escalated fighting in the region. In broader markets, Asian stocks fell a week earlier on data that included inflation measures that will help guide interest rate debate. The dollar is near its highest since November, making commodities more expensive. Crude oil is still on track for a monthly gain and there are signs of rising U.S. gasoline demand, which also supports the outlook. Iran is set to hold snap elections on Friday after the death of Ebrahim Raisi in a helicopter crash last month.