The S&P/ASX200 rose 10.5 points by midday, up 0.12 per cent, to 8,872.2, as the broader All Ordinaries gained 12.7 points, or 0.14 per cent, to 9,196.9.
The move followed a positive session on Wall Street after a major chipmaker's results eased recent concerns about the artificial intelligence build-out, but the bulk of price volatility remained in the commodities space, Capital.com market analyst Kyle Rodda said.
"At the highest level, the movements are driven by resource competition and a world of growing scarcity," Mr Rodda said.
"From a micro standpoint, geopolitical risk, especially in Iran, is causing oil and precious metals to swing."
Crude prices dropped sharply overnight on easing fears of US intervention in Iran following weeks of protest and a bloody crackdown by the gulf state's government.
Energy stocks slipped 0.3 per cent as Woodside, Santos and Ampol weighed on the segment, while coal producers and uranium stocks pushed higher.
The heavyweight financials sector led five of 11 local segments higher with a 0.6 per cent boost as three of the big four banks traded clearly higher.
Commonwealth Bank shares grinded 0.6 per cent upwards to $154.34, but has traded in a tight range for eight sessions.
BHP, which has been nipping at CBA's heels to potentially become Australia's largest company, ran into profit-taking after a more than five per cent rally this week on the back of strong copper and iron ore prices.
BHP shares were down 0.8 per cent to $48.98 by midday, while fellow iron ore giants Rio Tinto and Fortescue swung higher.
The broader raw materials sector was trading just below flat, after resetting its record high three sessions in a row.
Gold miners were a mixed bag, with Northern Star and Evolution slipping more than one per cent each but Denver-headquartered Newmont up 1.2 per cent as the precious metal hovered near $US4,600 ($A6,865) an ounce after easing from Wednesday's all-time peak.
Copper also hit fresh highs this week against a backdrop of ongoing supply concerns and solid demand.
Local copper producer Capstone Corp was the top-200's second-best performer on Friday with a nearly seven per cent gain, after the miner posted record production in 2025.
At the top of the table was Droneshield, up 7.1 per cent to $4.37, its highest price since late October, weeks before a leadership stock dump prompted a sharp dip its share price.
James Hardie shares jumped 1.7 per cent to $35.57 after announcing plans to "optimise its manufacturing footprint" by closing manufacturing plants in Fontana, California and Summerville, South Carolina within the next 60 days.
ASX-listed tech stocks rebounded after a tough week, tracking with Wall Street's tech-heavy Nasdaq index, which lifted overnight on solid results from Taiwan Semiconductor Manufacturing Company (TSMC), which temporarily eased recent jitters about AI investment.
Real estate trusts also outperformed, surging 0.9 per cent in a broad-based rally, taking the sector to its highest value since the beginning of 2026.
In company news, buy-now, pay-later player Zip Co rebounded 0.5 per cent to $3.10 after Citi lifted its earnings forecasts for the fintech, following a sharp sell-off earlier in the week.
The Australian dollar is buying 67 US cents, up from 66.77 US cents on Thursday at 5pm.
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