Middle East Tensions Push Oil Prices Near Six-Week High
Crude oil prices surged to near six-week highs as tensions in the Middle East escalated. On Tuesday, crude oil topped $94 a barrel before paring gains to around $92.75.
The recent spike in oil prices is attributed to growing concerns over supply disruptions following a series of attacks on Saudi Aramco facilities and Iranian oil tankers. Over the weekend, the US military struck three Iranian oil tankers after Iran launched ballistic missiles at two Navy warships.
On Monday, Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market in Saudi Arabia. The attacks have raised concerns about the stability of global oil supplies and potential price increases.