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Oil prices fell back below $100 a barrel on Friday from their highest level since early May, but continued tensions between the US and Iran promise that the energy markets will remain elevated.

The absence of fresh overnight escalations between the U.S. and Iran halted the global oil benchmark's upward march, as investors hope leaders seek an off-ramp.

Renewed hostilities in the Gulf have revived stagflation talk, dimming hopes the interim deal between the U.S. and Iran had come in time for the world economy to avoid elevated inflation alongside stagnant ​economic growth.

LNG supply disruptions and Middle East tensions keep energy markets on edge. Explore the latest outlook for WTI, Brent and natural gas.

Oil headed for weekly gains on Friday, as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second ​shipping chokepoint, while Kazakhstan temporarily cut output after its main export route ‌was forced to shut.