Oil Holds Near Highs as Iran Conflict Uncertainty Persists
Crude oil was little changed around $94 a barrel on Friday, as investors assessed signs that Iran may be seeking an end to the conflict with the US. Iranian President Masoud Pezeshkian said Tehran would prefer to conclude the war while it remains in a position of strength, describing the existing memorandum with Washington as ...
Crude oil prices hovered around $94 a barrel on Friday as market participants weighed indications that Iran may be seeking to terminate its ongoing conflict with the US. Iranian President Masoud Pezeshkian expressed a preference for ending the war while Iran is still in a strong position, deeming the current memorandum with Washington as a victory for Iran.
This sentiment offered some respite after Treasury Secretary Scott Bessent announced the United States would impose its most stringent sanctions on Tehran and escalate economic pressure on the Iranian regime. Despite the conflicting messages, oil prices surged more than 5% for the second consecutive week. Furthermore, the US military reported that it had facilitated the transportation of over 660 million barrels of crude through the Strait of Hormuz since early May, indicating that substantial volumes continue to flow through this vital energy artery despite the ongoing conflict and heightened geopolitical risks.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
