Oil prices were little changed on Friday, but both major benchmarks remained on track to post solid weekly gains as investors weighed renewed military tensions between the United States and Iran against expectations that the conflict will remain limited and avoid disrupting crude exports from the Persian Gulf.
At 14:18 ET (18:18 GMT), U.S. West Texas Intermediate (WTI) crude futures edged down 0.1% to $72.01 per barrel, while Brent crude futures slipped 0.07% to $76.25 per barrel.
Although trading was subdued during the session, Brent was still heading for a weekly gain of around 5%, with WTI up roughly 4%. Prices surged earlier in the week after renewed attacks near the Strait of Hormuz revived concerns over supply disruptions before easing as traders concluded the conflict was unlikely to broaden significantly.
The United States carried out another round of airstrikes against military targets in Iran on Thursday, saying the operations were intended to further reduce Tehran's ability to threaten commercial shipping through the Strait of Hormuz.
Iran responded with missile and drone attacks aimed at U.S.-aligned countries, including Bahrain, Kuwait, Qatar and Jordan, marking one of the most extensive military exchanges since last month's temporary agreement.