PUBLISHED Aug 21, 2026, 1:46 PM ET
Oil prices were little changed Friday after Iran's president indicated that Tehran wants the war with the U.S. to end sooner rather than later. Brent crude futures were 54 cents higher at $94.32 per barrel by 1:01 p.m. ET. U.S. West Texas Intermediate futures were up 14 cents to $86.97. Iranian President Masoud Pezeshkian described the memorandum of understanding with the U.S. as a victory for the Islamic Republic. Pezeshkian said "it is better to end the war today" when Iran is "in a position of power and dignity," according to the state news agency PressTV. The MOU, which the U.S. and Iran signed June 17, allowed Tehran to determine how the Strait of Hormuz would be administered through negotiations with Oman and the other Gulf states. Oil prices are set to finish the week more than 5% higher after Treasury Secretary Scott Bessent told CNBC on Thursday that Washington will impose the "toughest sanctions in history" against Iran. Bessent echoed President Donald Trump's Wednesday threat to impose a crushing economic operation against the Islamic Republic.
By Daniel Hayes | JQJO News
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