US stocks pulled back on Friday while oil prices stayed high as investors weighed the odds the US might attempt to take over a key Iranian energy terminal to help unblock the Strait of Hormuz.

The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) fell roughly 0.6% and 0.9%, respectively. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) slid by a deeper 1.3% following a downbeat day on Wall Street.

Stocks are retreating as investors assess an Axios report that the Trump administration is considering plans to occupy or blockade Kharg Island, vital to Iran's oil exports. The risky operation would aim to put pressure on Tehran to reopen the Strait of Hormuz to tanker shipping.

Oil prices are being whipsawed with markets on edge for every headline in the fast-moving Middle East conflict. On Friday, Iran pressed ahead with attacks on Persian Gulf neighbors as analysts warned existing damage would keep oil prices elevated. Brent (BZ=F) futures traded near $108 a barrel after swinging between gains and losses, while West Texas Intermediate (CL=F) futures hovered at around $96.

The major US stock gauges are on track for a fourth weekly decline in a row, with the Dow (^DJI) and Nasdaq Composite (^IXIC) both nearing correction territory.

The Swiss multinational bank UBS Group AG (UBS) has been granted full approval for a US banking license as the financial firm seeks to expand its North America footprint.

Shares traded down by 2% in the minutes after the bank announced the news in a LinkedIn post.

UBS said it has received approval from the US government to convert its US branch, UBS Bank USA, into a "nationally chartered bank."

"The charter will strengthen our US banking platform, enhance how we serve clients and Financial Advisors, and position us well for the next phase of growth—while maintaining the high standards that define UBS," the LinkedIn post said.

The financial services firm as a whole has suffered over the past month, with one prominent ETF tracking the sector down by 6.7% over the period. Shares in US banks Citigroup (C) and JPMorgan Chase (JPM) are down by roughly 5% and 7.5%, respectively, while Bank of America (BAC) has fallen a steeper 11%.

Oil swung on Friday as investors sought to balance a mix of escalatory and deescalatory headlines.

Futures on Brent crude (BZ=F), the international pricing benchmark, and US benchmark West Texas Intermediate (WTI) crude (CL=F) both traded roughly 2% above their levels at 12 a.m. ET, to hold around $104 and $95 per barrel, respectively. Both products had surged earlier in the session before giving back those gains as investors played both sides of the trade.

In separate press conferences on Thursday, President Trump and Israeli Prime Minister Benjamin Netanyahu said that the US and Israel would halt any targeting of Iranian energy infrastructure after strikes by Israel on Iran's South Pars gas field set off a wave of retaliatory attacks from the regime.

At the same time, Iran's strikes against critical energy facilities throughout the Gulf have only continued.

Attacks on Qatar's Ras Laffan LNG export terminal — the largest such terminal in the world — earlier in the week caused "extensive damage" and took roughly 17% of Qatar's LNG capacity offline, QatarEnergy CEO Saad al-Kaabi told Reuters on Wednesday. The damage may force QatarEnergy to declare force majeure on shipments five years out, al-Kaabi said.

Though the paper market has held somewhat flat over the past few days, with Brent and WTI both within 1% of their Sunday opening prices, the cost of physical barrels has soared. Prices on barrels of Dubai and Oman crude oil for prompt delivery were trading at $158.85 per barrel, according to Bloomberg data, a roughly $50 premium over Brent futures.

The US stock market fell into the red on Friday as oil pared gains and Wall Street weighed reports that the US may put troops on the ground to seize key Iranian energy infrastructure.

The Dow Jones Industrial Average (^DJI) fell a bit less than 1%, while the S&P 500 (^GSPC) fell roughly 0.3%. The tech-heavy Nasdaq Composite (^IXIC) fell by roughly 0.7%.

On Friday, Iran launched more attacks against energy infrastructure in the Persian Gulf, even as President Trump and Israeli Prime Minister Benjamin Netanyahu suggested deescalation in press conferences on Thursday. International benchmark Brent (BZ=F) futures fell to around $104 per barrel, while US benchmark West Texas Intermediate (CL=F) futures held around $95.

The S&P 500’s financial sector (XLF) was down slightly in premarket trading on Friday. The sector has fallen 11% year to date, putting it on track for its worst first quarter since 2020 as investors pull back amid growing worries over cracks in private credit.

Yahoo Finance's Ines Ferré reports:

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Top robotaxi players like Uber and Tesla face the same tech hurdles alongside challenges that are particularly their own.

Yahoo Finance's Hamza Shaban writes:

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Unlike their global peers, US airlines said they remain confident that record traveler demand will help offset the $11 billion spike in fuel costs caused by the Iran war. US carriers don't pre-buy fuel, and they may have to pass the rise in fuel prices directly on to passengers through higher fares.

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Tegna (TGNA) stock rose 9% before the bell on Friday following the news that Nexstar (NXST) has completed its acquisition of Tegna, uniting two of the largest TV station ownership groups in the United States.

Reuters reports

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Cheniere Energy, Inc. (LNG) stock rose 2% during premarket hours on Friday, following the attacks by Iran on a major Middle East liquefied natural gas hub.

Dell (DELL) stock rose more than 2% during premarket hours today. The tech company's stock is up 24% year-to-date, as the company benefits from rapid growth in its AI server business.

Unilever (UL) stock moved up 1% before the bell on Friday following the news that it's in talks to sell its food business to McCormick & Co (MKC), transforming the owner of Hellmann’s mayonnaise into a maker of beauty and personal care products in the biggest overhaul since it was founded almost a century ago.

The US has charged a Supermicro Computer (SMCI) co-founder — a US citizen — with smuggling Nvidia (NVDA)-powered servers to China, contravening restrictions on the AI technology.

California-based Supermicro is a key assembler of AI servers based on Nvidia components, and it accounts for about 9% of the chip giant's revenue, per Bloomberg.

Shares of Supermicro plunged over 20% in premarket trading after three arrests linked to the case.

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FedEx (FDX) stock rose 8% before the bell on Friday after raising its full-year outlook due to a rise in revenue and package yields in its fiscal third quarter.

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