US-Iran Standoff Pushes Oil Prices to New Heights

Oil prices continue to rise due to the ongoing US-Iran standoff, which has now lasted nearly six months. West Texas Intermediate, the US benchmark, reached $85 a barrel for a fourth consecutive session, while Brent crude, the global benchmark, settled above $91 a barrel.

The conflict in the Strait of Hormuz, a critical waterway that carries a significant share of the world's oil, remains unresolved. The lack of traffic through the strait and uncertainty about how to manage it keeps a floor under prices.

Treasury Secretary Scott Bessent hinted at new economic pressure on Iran, and former national security adviser Jake Sullivan suggested the US might have to 'bite the bullet and do a bad deal' to end the standoff.