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BP Stock Tanks as Crude Prices Drop Today

NEW YORK (TheStreet) -- Shares of BP (BP - Get Report) are down by 1.43% to $30.81 in afternoon trading on Monday, as falling crude prices take their toll on the oil sector.

Strained ties between Saudi Arabia and Iran were responsible for a brief uptick in oil prices earlier today. Conflict in the Middle East has historically, negatively affected production.

However, oil prices reversed their earlier gains in late morning trading and continue to fall this afternoon.

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Industry standard Brent crude for February delivery is down 0.19% to $37.21 per barrel. West Texas crude for February delivery reversed its earlier gains and is now down 0.84% to $36.73 per barrel.

On Sunday, Saudi Arabia announced that it is closing its embassy in Tehran and cut diplomatic ties with Iran.

The trouble between the two rivals, both of whom are founding members of OPEC, started when Saudi Arabia executed a prominent Shiite cleric on Saturday.

Hours after the execution, protesters in Iran stormed the Saudi Embassy in Tehran.

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