Commodities
Iran-US Tensions Send Oil Prices Soaring
Global oil prices have surged to their highest level in six weeks after US-Iran tensions escalated over the weekend. On Monday, Brent crude reached $97.73 a barrel, marking a 1.5% increase and coming close to the $98 mark.
The spike follows US strikes on three Iranian oil tankers, which Iran condemned as 'economic warfare' and a 'war crime'. The country's parliament speaker warned that retaliatory attacks would be met with further force.
A reported attack on a Saudi Aramco facility in the Red Sea also contributed to the price jump. Gas prices in the US have reached a Labor Day record, averaging $4.14 per gallon, according to the American Automobile Association.