US stocks are likely to see losses when market opens on Friday as escalating tension in the Middle East could weigh on investor sentiment. 

Chinese stocks saw mixed performance on Friday, with the blue-chip CSI300 index fell 0.18 percent to 4,144.96, while the Shanghai Composite Index slipped 0.05 percent to 3,083.79. 

The drop comes as both the CSI300 and the SSEC secured a fifth week of gains. This week, the CSI300 was up 3.1 percent while the SSEC increased 2.6 percent, boosted by positive monetary policy and expectations of a phase-one China-US trade deal.

The People's Bank of China, the country's central bank, issued a statement on Wednesday saying it will cut the reserve requirement ratio for banks, which could unleash fresh capital of about 800 billion yuan ($115 billion).

In the Asia Pacific Region, stocks in the Hong Kong Special Administrative Region dropped. Markets in Japan were closed for a holiday on Friday.

Oil prices surged on Friday. Futures for global benchmark Brent Crude surged by 2.93 percent to $68.19 per barrel, and US WTI crude futures rose 2.78 percent to 62.88 over concerns that oil supplies may be disrupted following US air strikes in Iraq which killed a top Iranian commander.