The US made inroads in its economic pressure campaign on Iran, though concerns over a return to military conflict drove oil prices higher. The EU formally endorsed Washington’s sanctions push against Tehran, while broader efforts to block Iran’s oil exports and financial transactions appear to be bearing fruit: Iran has for decades withstood US sanctions, but the latest ones are making it difficult for the country to buy goods or secure foreign currency, Reuters reported.
Still, markets appeared skeptical of any prospect of a short-term breakthrough in the conflict: Though the US vice president insisted volumes of oil transiting the Strait of Hormuz were “almost” at prewar levels, benchmark crude prices headed for their biggest weekly gain since July.