Oil slipped below $92 a barrel Friday, after a big jump the day before, as weak demand was weighed against rising Middle East tensions.

By early afternoon in Europe, benchmark crude was down $1.14 at $91.83 a barrel in electronic trading on the New York Mercantile Exchange. The contract surged $2.79, about 3 percent, to settle at $92.66 in New York on Thursday, its highest level since mid-May.