Oil Prices Soar to Six-Week High Amid US-Iran Tensions
Oil prices surged to a six-week high on Monday as tensions in the Middle East escalated following weekend strikes between the US and Iran.
The Brent crude oil futures benchmark rose by 1.5% to $97.73 per barrel, reaching its highest point since July 23. The West Texas Intermediate (WTI) US oil benchmark climbed 1.8% to $93.10, also hitting a six-week high.
The increase in oil prices was triggered by the US military's strikes on three Iranian oil tankers on Saturday, which came after Iran launched ballistic missiles at two Navy warships. The Iranian Foreign Ministry denounced the attacks as a 'war crime' and an act of 'economic warfare.'
Saudi Aramco facilities were reportedly hit in fresh strikes on Monday, according to the Financial Times. Damage was still being assessed on the facility in Jizan, which has a 400,000-barrel-per-day oil refinery.