Asia shares fall, oil set for weekly gains on Mideast risks
oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a U.S. jobs report later in the day.
U.S. President Joe Biden said on Thursday that the U.S. is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
His comments sparked a surge in oil prices, which had already been on the rise this week following the widening conflict in the Middle East.
Brent crude futures eased 0.04% to $77.59 a barrel on Friday but were headed for a weekly gain of about 7.8%, the largest since February 2023.
U.S. West Texas Intermediate (WTI) crude futures steadied at $73.71 per barrel and were on track to advance 8.1% for the week, the most since March 2023.
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