Brent Crude Surges to Six-Week High Amid US-Iran Tensions

Oil prices have surged to a six-week high due to renewed US-Iran tensions and concerns over supply disruptions.

Brent crude futures, the international benchmark, rose 1.5% to $97.73 a barrel on Monday, reaching its highest level since July 23 at $97.93.

The latest escalation comes after Saudi Aramco facilities were hit in fresh strikes on Monday, with damage still being assessed at a facility in Jizan, Saudi Arabia, which is home to a refinery capable of processing 400,000 barrels of crude per day.

The US military struck three Iranian oil tankers on Saturday, prompting Iran's Foreign Ministry to condemn the attacks as a 'war crime' and an act of 'economic warfare.'