Oil Prices Soar to Six-Week High Amid Escalating Tensions

Oil prices surged on Monday and Tuesday as Brent crude reached $97.89 per barrel, its highest level in six weeks, while WTI crude rose to $92.30 per barrel.

The price increase comes after a series of escalatory events, including US strikes on Iranian oil tankers, Iranian retaliatory strikes on commercial vessels, and fresh attacks on Saudi Aramco facilities.

US Energy Secretary Chris Wright said Washington would maintain its naval presence and blockade to limit Iranian oil exports while supporting the safe passage of commercial vessels.