Oil Prices Soar as Iran Threatens to Strike Energy Infrastructure
Oil prices rose to six-week highs on Monday as Iran vowed to strike energy infrastructure across the Middle East in response to US attacks on its assets.
Brent crude futures rose 85 cents, or 0.9 percent, to USD97.13 a barrel by 12:38 p.m. EDT (1638 GMT), after hitting their highest point since July 24 at USD98.06.
US West Texas Intermediate crude was up 1.3 percent, or USD1.15, at USD92.63 a barrel, with WTI futures earlier rising as high as USD93.29, also the highest since July 24.
Iranian Parliament Speaker Mohammad Baqer Qalibaf said 'Strike our assets and you get struck,' in response to US Defence Secretary Pete Hegseth's warning that Tehran's oil fleet was 'defenceless'.
The conflict has sharply reduced oil supply from the region, with Brent rising around 8 percent last week and WTI gaining nearly 10 percent after the US and Iran resumed attacks.