Wall Street is approaching the end of a volatile week. Oil prices surged earlier due to escalating hostilities in the Middle East, but as crude prices retreated, the stock market remained relatively stable on Friday.

At 9:30 AM New York time (9:30 PM Beijing time), the S&P 500 was essentially flat, the Nasdaq 100 fell 0.3%, and the Dow Jones Industrial Average rose 0.2%. Geopolitical risks, combined with concerns over massive investments in artificial intelligence, have pushed the S&P 500 toward a second consecutive weekly decline, marking its longest losing streak since March. However, the index has managed to stabilize after experiencing its largest single-day drop in a month.

The week began with escalating violent conflicts between the US and Iran, keeping oil prices elevated. Since then, concerns over supply disruptions have eased. Despite attacks by Yemen's Houthi rebels on vessels and attempts to block Saudi shipping, millions of barrels of Saudi crude oil have been shipped from the country's Red Sea ports. Nonetheless, Brent crude oil is still on track for a weekly gain of approximately 10%.

The intensifying Middle East conflict has heightened the potential for energy supply disruptions, reinforcing market expectations that central banks may need to keep interest rates higher for longer. While no immediate rate adjustments are anticipated, anxiety over summer inflation now appears likely to persist.

On the individual stock front, Tesla stabilized, edging down 1.08% after a sharp decline of nearly 15% on Thursday. Alphabet Inc. rose 1.85%, following a 7.1% drop the previous day.