(RTTNews) – Oil prices edged lower on Friday but held near one-month highs amid the continuing standoff between Washington and Teran over control of the Strait of Hormuz.
Brent crude futures dipped 0.7 percent to $93.14 a barrel but were up more than 5 percent so far this week, marking their second consecutive weekly gain. WTI crude futures were down 0.8 percent at $86.17.
The Middle East conflict showed no signs of abating, with investors assessing how Washington’s economic campaign against Iran could affect oil flows.
U.S. Treasury Secretary Scott Bessent announced on Thursday that Washington will impose “the toughest sanctions in history” on Iran, with full details of the sanctions expected next week.
His remarks came after U.S. President Donald Trump announced ‘crushing’ economic operation against Iran and its trading partners and Tehran called the threats a “diversion from America’s own crisis.”
The two sides remain locked in a dispute over control of the Strait of Hormuz, keeping supply concerns elevated.
Elsewhere, Ukraine has launched another major drone attack on Russia with some 400 drones involved, according to the Russian defense ministry.
The attack targeting oil infrastructure and military sites near St. Petersburg caused fuel shortages in some regions.
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