Oil holds near highs as Iran conflict uncertainty persists

Crude oil was little changed around $94 a barrel on Friday, as investors assessed signs that Iran may be seeking an end to the conflict with the US.

Iranian President Masoud Pezeshkian said Tehran would prefer to conclude the war while it remains in a position of strength, describing the existing memorandum with Washington as a victory for Iran.

The comments provided some relief after Treasury Secretary Scott Bessent said the US would impose its toughest-ever sanctions on Tehran and intensify economic pressure on the Iranian regime.

Amidst the conflicting signals, oil prices rose more than 5% for the second week.

Meanwhile, the US military said it had helped tankers transport more than 660 million barrels of crude through the Strait of Hormuz since early May, suggesting that substantial volumes continue to move through the critical energy corridor despite the conflict and heightened geopolitical risks.