Middle East Tensions Send Oil Prices Soaring to Six-Week High

Oil prices surged to a six-week high on Labor Day amid escalating tensions in the Middle East. Brent crude oil futures reached nearly $98 a barrel, marking the highest level since late July.

The spike follows a series of strikes exchanged between the U.S. and Iran over the weekend, which added to the upward pressure on prices. The global oil market remains sensitive to geopolitical tensions, particularly in the Middle East.

Despite concerns about potential disruptions in oil supply, market analysts expect the recent U.S.-Iran accord to facilitate the resumption of traffic through the Strait of Hormuz, a critical chokepoint for global oil shipments.