As heightened tensions in the Middle East put markets on edge, Asian equities saw a rise on Friday, and oil prices were on track to record their biggest weekly increase in almost a year.

The important U.S. nonfarm payrolls data, which is due for release later in the day and might provide more hints about the Federal Reserve's rate stance, was another item on investors' minds.

The 2.2% increase in Hong Kong's Hang Seng Index, which was fuelled by ongoing optimism about China's large stimulus measures, helped. The weekly rise on the Hang Seng Index is expected to exceed 9%.

When questioned on Thursday about whether he would back Israel's attacks in retribution for Tehran's missile attack on Israel, U.S. President Joe Biden stated that the country was talking about attacking Iran's oil infrastructure.

The increase in oil prices, which had been rising this week, was precipitated by Biden's remarks.

The weekly increase in U.S. West Texas Intermediate (WTI) oil futures was expected to reach 8.1%, the highest level since March 2023.

The Nikkei in Japan increased by 0.27%, but a weekly loss of almost 3% was anticipated.

This week's trading sessions for Japanese equities have been turbulent as investors have balanced the forecast for domestic rates against escalating geopolitical concerns.

Reversing his earlier hawkish stance, Prime Minister Shigeru Ishiba stated this week that the nation's economic circumstances did not warrant more rate rises by the Bank of Japan (BOJ).

The good news is that U.S. ports on the East and Gulf coasts started reopening on Thursday night following a pay agreement struck by port operators and dockworkers to end the largest labour stoppage in the business in almost 50 years.

(Sources: investing.com, reuters.com)