Oil prices fall early, remain on track for weekly gains as U.S.-Iran strikes continue

According to CNBC, oil prices fell in early trading on Friday but stayed set for weekly gains as the United States and Iran continued exchanging strikes. BlackRock estimated the conflict will add about 0.8 percentage points to global headline inflation, with Europe and parts of Asia more exposed because they rely more heavily on energy imports. OCBC said a fresh energy shock would keep the Federal Reserve focused on upside inflation risks, while PNC Asset Management chief investment strategist Yung-Yu Ma said higher oil prices and sustained inflation pressures could challenge profit margin trends at U.S. small- and mid-cap companies. Ma said Fed hawkishness is likely to persist until energy and oil markets show relief and urged investors to think about a balanced portfolio and diversify some of that risk away.