Oil prices had jumped more than 4% on Wednesday as fears of a conflict that would disrupt crude supplies suddenly swept the market.

BEIJING/PARIS - Chicago soybeans ticked up on Friday on the back of a jump in crude oil prices after Israel conducted strikes on Iran, though the oilseed market remained capped by uncertainty over U.S.

Crude oil futures edge higher as traders focus on the 200-day MA; OPEC output plans and U.S.-China trade talks steer near-term oil prices forecast.

LI/iStock via Getty Images Oil prices held steady on Wednesday after an earlier dip, as investors assessed the supply-demand balance amid rising

All of this means the oil market is heading into a complicated second half of the year. On the surface, prices may continue to hold steady thanks to summer demand and geopolitical optimism.

Concerns over slowing U.S. demand were exacerbated by softer-than-expected private payrolls data, which showed the labor market was cooling. The print came just days before key nonfarm payrolls data for May, which is due on Friday.

OPEC agreed to increase production by 411,000 barrels per day in July, the third consecutive month the group has boosted output at that rate.

LONDON - Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude futures inched 7 cents higher, rising 0.1%, to $65.70 a barrel by 1034 GMT. U.S. West Texas Intermediate crude was 3 cents higher, up around 0.1%, at $63.44.

“Florida gas prices remain in the same 30-cent range that Florida gas prices have fluctuated within since September,” AAA spokesperson Mark Jenkins said in a statement. That range has kept retail fuel prices relatively predictable for months, despite significant global fluctuations in oil markets.