STORY: U.S. stocks finished mixed Friday in choppy trading with the Dow rising marginally while the S&P 500 fell two tenths of one percent and the tech-heavy Nasdaq declined half of one percent.
Investors remain on edge over the Iran-Israel conflict heading into the weekend, as the U.S. considers whether to get involved.
Israel's attacks have been aimed at suppressing Tehran's ability to build nuclear weapons.
Ben McMillan, chief investment officer with IDX Advisors has been tracking the oil market's changing reaction to the air war.
"A lot of talk earlier last week about, you know, Iran, potentially threatening to close the Strait of Hormuz, which you know is interesting to see. The oil markets didn't necessarily place that much of a premium on it. Now there is a you know, a war premium back in oil, which we haven't seen really at all in the last couple of years. But I think the market is heavily discounting talk about that. I think the bigger concern is you know, the lingering effects on the supply of oil, similar to what we saw in the kind of the '88 conflict between Iran and Iraq."
Global benchmark Brent crude oil is up around 20% so far in June, though oil prices settled down on Friday as the U.S. imposed new Iran-related sanctions.
Meanwhile, after the Federal Reserve held interest rates steady Wednesday, two policymakers came out with opposing views.
Fed Governor Christopher Waller said he felt the inflation risk from tariffs was small, and that the Fed should cut rates as soon as its next meeting.
Richmond Fed President Tom Barkin took a more tempered view, saying there was no urgency to reduce rates.
Stocks on move included Google-parent Alphabet, which dropped nearly four percent after Turkish authorities launched a probe into Google's ad tools
And Kroger surged nearly 10% after the grocery giant increased its annual sales growth forecast.
