European stocks were largely steady on Friday, but are heading for weekly losses, as investors assess the impact of rising oil prices due to escalating tensions in the Middle East, along with following a new wave of corporate earnings results.

The pan-European STOXX 600 index stood at 639.36 points by 07:05 GMT, according to Reuters.

Germany's DAX rose, supported by a 4.5 percent gain in SAP shares, after the software giant reported strong growth in cloud computing backlog orders in the second quarter, beating analysts' expectations.

The broader European technology sector index remained steady during Friday's trading, after falling more than 2 percent in the previous session, affected by disappointing updates from some chipmakers.

Energy stocks fell 0.6 percent, impacted by a drop in Neste shares, after the biofuel and oil refining company reported second-quarter core earnings slightly below market expectations.

Brent crude prices remained above $100 per barrel, amid rising concerns about global energy supply disruptions.

Meanwhile, the U.S. administration imposed new tariffs of 10 percent and 12.5 percent on goods imported from 60 trading partners, on allegations of insufficient enforcement of forced labor bans, coinciding with the expiration of the temporary global tariff of 10 percent.