Oil Rises to Highest Level in Month Amid Iran Tensions

Oil prices posted a second straight weekly gain on Friday, with Brent settling above $90 for the first time in a month. This surge was largely due to tensions with Iran, as the US announced measures to tighten economic pressure on Tehran and threatened even more punitive sanctions.

The US Treasury Secretary Scott Bessent stated that Washington would impose tougher sanctions to break the impasse in negotiations. Brent, the benchmark for two-thirds of the world's oil, added 0.65% to settle at $94.39 a barrel. West Texas Intermediate, the gauge tracking US crude, closed 0.26% higher at $87.06 per barrel.

The Iranian central bank governor, Abdolnaser Hemmati, said the country was not exporting any oil. Iran is battling runaway inflation and a plunging currency, with over 6,000 sanctions in place across various sectors, including financial, banking, aviation, energy, and cryptocurrency.