Brent crude futures dipped slightly in Friday trading, settling at $76.24 a barrel, down 6 cents or 0.08% on the session.
Despite the minor intraday pullback, the benchmark is on track to close the week with modest gains, reflecting a market that continues to price in elevated supply risks from the Middle East.
The price action underscores a delicate balance in the energy complex.
While renewed US military strikes on targets in Iran have kept a geopolitical premium intact, upside momentum remains constrained.
Traders are increasingly weighing the immediate threat of supply disruption against broader macroeconomic headwinds, including persistent inflation concerns and shifting demand expectations.
This dynamic has prevented a sharp breakout higher, even as tensions escalate.