European stocks largely steadied on Friday but are heading for weekly losses, as investors assessed the fallout from rising oil prices due to escalating tensions in the Middle East, along with monitoring a new wave of corporate earnings reports.

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

The German DAX index rose, supported by a 4.5% gain in SAP shares, after the software giant reported strong growth in accumulated cloud computing orders in the second quarter, exceeding analysts' expectations.

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

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

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

Meanwhile, the U.S. administration imposed new tariffs of 10% and 12.5% on goods imported from 60 trading partners, on charges of insufficient enforcement of the ban on forced labor, coinciding with the expiration of the temporary global tariff of 10%. "); googletag.cmd.push(function() { onDvtagReady(function () { googletag.display('div-gpt-ad-3341368-4'); }); }); }