Oil Prices Hold Steady Amid Iran-US Conflict Uncertainty

Crude oil prices remained relatively stable around $94 per barrel on Friday as investors weighed conflicting signals from Iran and the US. Iranian President Masoud Pezeshkian suggested that Tehran would prefer to end the conflict with Washington while still in a position of strength, describing their existing memorandum as a victory for Iran.

This came after Treasury Secretary Scott Bessent said the US would impose its toughest-ever sanctions on Tehran and intensify economic pressure on the Iranian regime. The conflicting signals contributed to oil prices rising over 5% for the second week amidst heightened geopolitical risks.

The US military also reported that it had helped transport over 660 million barrels of crude through the Strait of Hormuz since early May, indicating substantial volumes continue to move through the critical energy corridor despite the conflict and increased tensions.