$85.66 Oil Prices Amid Escalating Tensions Between US and Iran

Oil prices rose to $85.66 per barrel as tensions between the US and Iran escalated.

Iranian Parliament Speaker Mohammad Bagher Qalibaf responded to Treasury Secretary Scott Bessent and Defense Secretary Pete Hegseth, stating that Americans believe squeezing Iran harder will win concessions that were never part of any agreement.

Hegseth defended the US military campaign, saying it was necessary to prevent Iran from obtaining a nuclear weapon. He emphasized that there is a cost to defending the country and ensuring 'radical Islamist crazies don't get a nuclear weapon.'

Bessent indicated last week that Washington could impose sanctions on Iran that have 'never been seen.' Hegseth also stated that he's not willing to look his kids in the eye and say, 'We had a chance to do something about it, but we didn’t.'