Crude oil was little changed around $94 a barrel on Friday, as investors weighed signals that Iran may be looking to end its conflict with the United States. Iranian President Masoud Pezeshkian said Tehran would prefer to conclude the war while it remains in a position of strength, characterizing the existing memorandum with Washington as a victory for Iran.
His remarks offered some relief after US Treasury Secretary Scott Bessent vowed to impose the toughest sanctions yet on Tehran and to step up economic pressure on the Iranian regime. Against this backdrop of mixed signals, oil prices still advanced more than 5% for a second consecutive week.
Separately, the US military said it has helped tankers move more than 660 million barrels of crude through the Strait of Hormuz since early May, indicating that substantial volumes are still flowing through this critical energy chokepoint despite the conflict and elevated geopolitical risks.
