Iran-US Tensions Send Oil Prices Soaring

Oil prices rose to their highest point in six weeks on Monday due to escalating tensions between the US and Iran.

The conflict has led to a significant reduction in oil supply from the Middle East, forcing nations to draw down stockpiles.

Brent crude futures rose $1.03, or 1.1%, to settle at $97.31 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 1.3% at $92.65 a barrel.

The Iranian Parliament Speaker, Mohammad Baqer Qalibaf, warned that Iran would retaliate against US attacks on its assets, saying 'Strike our assets and you get struck.'