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Oil prices fell back below $100 a barrel on Friday from their highest level since early May, but continued tensions between the US and Iran promise that the energy markets will remain elevated.
The absence of fresh overnight escalations between the U.S. and Iran halted the global oil benchmark's upward march, as investors hope leaders seek an off-ramp.
Renewed hostilities in the Gulf have revived stagflation talk, dimming hopes the interim deal between the U.S. and Iran had come in time for the world economy to avoid elevated inflation alongside stagnant economic growth.
LNG supply disruptions and Middle East tensions keep energy markets on edge. Explore the latest outlook for WTI, Brent and natural gas.
Oil headed for weekly gains on Friday, as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint, while Kazakhstan temporarily cut output after its main export route was forced to shut.
As the global benchmark topped $100, stocks slumped and Treasury yields hit their highest levels of President Trump's second term.
Oil futures edged lower on likely technical correction after Brent futures settled above $100 per barrel overnight for the first time in two months.
With two of its key oil export routes - the Hormuz and Bab el- Mandeb straits - disrupted by Iran and Iran-allied Houthi militants, Saudi Arabia has to resort to exporting oil via Egypt's Suez Canal.
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