Stock futures rose Friday, while oil prices pulled back as investors awaited further developments in the Iran war. Futures tied to the Dow Jones Industrial Average rose 188 points, or 0.4%. S&P 500 futures gained 0.4% along with Nasdaq 100 futures. The three major averages are currently tracking for losses on the week. The S&P 500 is on track for a 1% decline, while the Dow is heading for a 1.7% slide. The Nasdaq is off 0.3% week to date. Stocks are coming off a losing session as oil spiked in the previous session after Iran’s new Supreme Leader Mojtaba Khamenei said that the Strait of Hormuz, a critical route, should remain shut as a “tool to pressure the enemy.” Traffic in the Strait has virtually been halted since the U.S. and Israel launched strikes on Iran at the end of February. Higher oil prices, along with several other key hurdles in the market, are causing investors pain, according to Chris Toomey, managing director at Morgan Stanley Private Wealth Management. “You’ve got the [artificial intelligence] buildout, you’ve got private credit … and this energy situation,” he said on CNBC’s “Closing Bell.” “I think the energy situation is the thing that we’re most concerned about.” Toomey added that if Strait of Hormuz sees sustained impairment beyond two or three months, that “becomes a real problem.” Rising crude prices and growing inflation fears have also dampened investors’ expectations for Federal Reserve interest rate cuts this year. The personal consumption expenditures price index — the Fed’s preferred inflation gauge — rose 0.3% in January, coming in line with expectations. Year over year, the headline reading showed an increase of 2.8%, which was slightly below the 2.9% economists polled by Dow Jones had called for. Core PCE, which excludes energy and food prices, came in as expected at 0.4% for the month and 3.1% from a year earlier. The 10-year Treasury yield traded lower on Friday as investors weighed the release of dramatically slower, downwardly revised fourth-quarter gross domestic product growth numbers. The benchmark 10-year Treasury yield fell almost 3 basis points to 4.245%. The 30-year Treasury bond yield was down a fraction, to 4.881% and the 2-year Treasury note yield — most senstive to short-term expectations of Federal Reserve policy moves — slid 6 basis points to 3.702%. Asia-Pacific markets fell Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn. Australia’s S&P/ASX 200 tumbled 0.14% to close at 8,617.1. Japan’s Nikkei 225 dropped 1.16% to close at 53,819.61, while the broad-based Topix fell 0.57% to 3,629. South Korea’s blue chip Kospi slumped 1.7% to 5,487.24, and the small-cap Kosdaq advanced 0.4% to 1,152.96. Hong Kong’s Hang Seng index tumbled 1% while mainland China’s CSI 300 index slid 0.39%. Brent crude oil, the global benchmark, held near $100 on Friday morning as the U.S.-Iran war heads toward its third week. Brent futures were 1.13% lower at $99.32 per barrel 7:49 a.m. ET. U.S, after closing above $100 Thursday. West Texas Intermediate crude futures down by 2.07% at $93.75 per barrel. Gold prices rose on Friday, supported by a weaker dollar and ​softer U.S. Treasury yields, but ​were on track ​for a second consecutive weekly drop as rising energy prices dimmed prospects for near-term U.S. interest rate cuts. Spot gold was up 0.8% at $5,118.75 per ounce, as of 0234 GMT. ⁠U.S. ‌gold futures for April delivery was unchanged at $5,123.30. “The dollar ⁠has eased from its highs which has opened the door for gold to make headway amid the ongoing geopolitical risks,” said Tim Waterer, KCM Trade chief market analyst. Bullion, however, has lost roughly ‌1% so far this week.