Oil prices and Asian stocks rose Friday as investors awaited crucial U.S. inflation data that could reveal the war's impact on American living costs. Brent crude traded near $97 a barrel while West Texas Intermediate hovered around $98, both up less than 1 percent. The gains came despite ongoing disruptions in the Strait of Hormuz, where shipping continues to face challenges.

Asian markets showed strength, with Japan's Nikkei 225 climbing 1.9 percent as regional economies grapple with surging energy costs. The S&P 500 futures remained flat ahead of the Consumer Price Index release at 8:30 a.m. Eastern, which analysts view as the most important inflation gauge since the conflict began. Thursday's 0.6 percent gain extended the index's rally, though it remains below pre-war levels.

Energy prices have hit Asian economies particularly hard, with liquefied natural gas costs up 94 percent and coal prices jumping 17-31 percent. Japan faces the world's most vulnerable power market, relying on imported gas and coal for two-thirds of its electricity. Meanwhile, U.S. gasoline prices reached $4.17 per gallon, up 40 percent since the war's start, while diesel hit $5.69, reflecting a 50 percent increase.