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U.S. stocks snapped a four-session losing streak as an interruption to the torrid run in oil prices offset a reading of increased consumer inflation.
Oil prices slipped back Friday after a string of gains, but ended the week sharply higher as traders assessed growing risks to Middle East crude exports.
A Red Sea crisis deepens as the Saudi East-West pipeline is shut down and the Houthis grab effective control of the strategic Bab al-Mandeb Strait.
The White House is weighing how to use the Defense Production Act to expand U.S. oil refining capacity as the conflict with Iran exposes the country's vulnerability to global crude supply disruptions and price spikes, according to two sources familiar with the administration's plans.
Chevron CEO Mike Wirth said on Friday that oil buffers that limited crude price increases earlier in the Iran war have been depleted, and the conflict could lift prices further over the next few months.
The cost of shipping oil in the largest tankers hit record highs this week following the biggest wave of attacks on shipping since the U.S.-Iran war began in late February.
WTI and Brent remain bullish as Middle East supply risks support oil prices despite short-term profit-taking.
WTI and Brent retreat after a powerful rally, but supply disruption risks keep the oil price outlook positive.