China’s central bank kept its loan prime rates unchanged for a tenth straight month, with the one-year LPR held at 3.00% and the five-year rate, which influences mortgage pricing, at 3.50%

Asian stocks were mixed in choppy trading on Friday, as investors grappled with sharply volatile oil prices driven by escalating Middle East tensions, while China kept its benchmark lending rates unchanged.

Oil price swings remained the dominant driver. Crude surged to near $119 a barrel on Thursday as fears of supply disruptions around the Strait of Hormuz intensified.

Israeli Prime Minister said Israel was assisting the U.S. “in intel and other means” to help reopen the strait.

Prices later pared gains and settled only slightly higher, as some supply fears eased. They dropped further in Asian trading on Friday,

The earlier spike has reinforced concerns that energy-driven inflation could persist, particularly for major importers in Asia.

KOSPI gained 0.5%, in contrast to other benchmarks, as tech gains lent support. The index was set to climb more than 5% this week.

Straits Times Index edged 0.3% lower, while S&P/ASX 200 edged down 0.2%.

Japanese markets were closed for a public holiday.

Futures tied to Nifty 50 added 0.5%.

China’s central bank kept its loan prime rates unchanged for a tenth straight month, with the one-year LPR held at 3.00% and the five-year rate, which influences mortgage pricing, at 3.50%, in line with market expectations.

Shanghai Composite index edged 0.3% lower, while Hang Seng dropped 0.7%.

In company news, Hong Kong-listed Alibaba shares shed 5% after the company reported a profit drop, hit by heavy spending and weak e-commerce performance.

In the U.S., investor sentiment remained fragile after the country’s central bank earlier this week signalled a cautious stance on rate cuts, warning that rising oil prices could complicate the inflation outlook.

Markets have since scaled back expectations for near-term monetary easing.