Iran Tensions Drive Oil Prices Higher Amid Sanctions Threats
Oil prices are on track to post their second weekly gain as tensions between the US and Iran remain high. Iranian President Masoud Pezeshkian said it's better to end the war with the US today, citing Iran's position of power and dignity.
The US Treasury Secretary Scott Bessent told CNBC that Washington will impose the toughest sanctions in history on Iran, echoing President Donald Trump's threats to collapse the regime in Tehran.
Oil prices have risen by over 5% this week after Bessent's comments, with Brent crude futures adding 61 cents to close at $94.39 per barrel and US West Texas Intermediate futures rising 23 cents to $87.06.
The Strait of Hormuz, a critical oil shipping route, has seen over 660 million barrels of oil transported through it since early May, according to the US military.