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Tariffs are back, but this time there is a war in the Persian Gulf and oil has hit $100 a barrel.

The Dow Jones Industrial Average ended Friday's session 0.5% higher, while the S&P 500 gained 0.1% and the Nasdaq composite fell 0.6%.

Oil prices aren't yet near the level economists had said would put the global economy in jeopardy of a recession.

Some traders are willing to bet that U.S. and Iran are ready to restart negotiations.

The two key Middle East oil chokepoints, the Strait of Hormuz and Bab el-Mandeb Strait, are now under simultaneous threat from Iran and its Houthi allies. In Europe, the Ukrainians are stepping up attacks on tankers and other ships associated with Russia in the Black Sea and Sea of Azov.