Global ⁠shares edged higher on Friday, brushing aside heightened tensions over a potential conflict between the United States and Iran that has helped to ‌push oil prices to their highest level in over six months.

The pan-European STOXX 600 index rose 0.5% and was on track for its fourth consecutive week of ​gains. Futures tracking the S&P 500 in the U.S. also climbed 0.4%.

The session will wrap up a volatile week for global assets, with investors grappling with a ​blend of ​geopolitical flashpoints, political risks and shifting economic signals.

"Clearly, equity investors are getting used to the noisy geopolitical environment," said Mabrouk Chetouane, head of global market strategy at Natixis Investment Managers.

"They are still focusing on economic fundamentals instead of geopolitical risks. And when you ⁠look at metrics such as valuations, earnings and interest rate expectations, things look pretty stable."

As of Wednesday, 163 companies in the STOXX 600 had reported quarterly results, of which 57.1% exceeded analysts' estimates, according to LSEG I/B/E/S data.

In the S&P 500, about 73% of the companies that reported earnings as of last week topped revenue expectations, the data showed. Nvidia's earnings report will be the centrepiece for markets next week.

On Friday, investors will also ​parse global business activity surveys, ‌fourth-quarter U.S. gross ⁠domestic product figures and the Federal ⁠Reserve's preferred inflation gauge, the core personal consumption expenditures price index.

DOLLAR NOTCHES WEEKLY GAIN

In foreign exchange trade, the dollar was headed for its largest weekly ​rise in four months thanks to a patchwork of slightly stronger U.S. data and minutes from the ‌Fed that suggested policymakers are in no hurry to lower interest rates.

For the week, the ⁠dollar is up about 1% on the euro, pushing the common currency to $1.1767.

The dollar's "safe haven appeal is generally diminished, but is fully restored when geopolitical tensions trigger oil shocks," said ING FX strategist Francesco Pesole.

In Japan, the yen was lower after data showed the country's core inflation at 2% in January, its slowest pace in two years, possibly complicating the central bank's rate-hiking path.

For the week, the dollar is up 1.8% at 155.4 yen.

U.S. Treasuries were steady, with 10-year yields at 4.07%, while division evident in the Fed minutes over whether or how fast to cut rates has lifted two-year yields by five basis points over the week to 3.47%.

Yields on Germany's 10-year Bunds, the euro zone benchmark, were on track for a 2 basis points decline this week.

OIL SURGES ON US MILITARY BUILDUP

Benchmark Brent crude futures ‌touched 6-1/2-month peaks above $72 a barrel as U.S. President Donald Trump set a deadline of 10 ⁠to 15 days for Iran to make a deal over its nuclear program or "really bad things" ​will happen.

"The political rhetoric has escalated sharply. Even limited disruption or credible threats to shipping lanes could cause an immediate supply shock," said Capital.com senior market analyst Daniela Hathorn.

Taken together, the news had investors shying away from risk, said Kenji Abe, chief strategist at Daiwa Securities in Tokyo.

"There does not seem to ​be much point in ‌adding risk ahead of this weekend's uncertainty surrounding the Middle East," said Spectra Markets' President Brent Donnelly.

"Today feels ⁠like a good day to stay out of trouble."

(Reporting ​by Niket Nishant in London and Tom Westbrook in Singapore; Editing by Kim Coghill, Shri Navaratnam and Jane Merriman)