Oil Prices Soar Amid US-Iran Escalation

Oil prices surged to a six-week high on Labor Day (September 7) amid escalating tensions in the Middle East. Brent crude oil futures reached nearly $98 a barrel, marking the highest level since late July. Meanwhile, West Texas Intermediate (WTI) briefly exceeded $93 a barrel.

The spike follows a series of strikes exchanged between the U.S. and Iran over the weekend. The uncertainty surrounding U.S.-Iran relations has investors closely monitoring the situation.

An attack on Saudi Aramco oil facilities in Jizan, Saudi Arabia, added to the upward pressure on prices. This development comes as the global oil market remains sensitive to geopolitical tensions, particularly in the Middle East.