Iran Conflict Weighs on Oil Prices as US Imposes Tougher Sanctions

Brent crude oil prices held steady around $97 per barrel on Friday as investors weighed conflicting signals from Iran and the US. The Iranian President Masoud Pezeshkian said Tehran would prefer to end the conflict while maintaining a position of strength, describing the existing memorandum with Washington as a victory for Iran.

This came after Treasury Secretary Scott Bessent announced that the US would impose its toughest-ever sanctions on Tehran and intensify economic pressure on the Iranian regime. Despite this escalation, oil prices rose more than 5% for the second week.

The US military reported helping transport over 660 million barrels of crude through the Strait of Hormuz since early May, indicating that significant volumes continue to move through the critical energy corridor despite the ongoing conflict and heightened geopolitical risks.