Oil Prices Soar as US-Iran Conflict Threatens Hormuz Supplies

Oil prices surged to a six-week high on Monday as tensions between the US and Iran escalated, threatening supplies through the Strait of Hormuz.

The conflict, which has sharply reduced oil supply from the region, saw Brent crude futures rise $1.03, or 1.1%, to settle at $97.31 a barrel, while U.S. West Texas Intermediate crude was up 1.3%, or $1.17, at $92.65 a barrel.

Iranian Parliament Speaker Mohammad Baqer Qalibaf vowed to strike energy infrastructure across the Middle East in response to further US attacks on its assets, saying 'Strike our assets and you get struck.'