Oil Prices Soar to Six-Week High Amid US-Iran Tensions

Oil prices surged to a six-week high on Labor Day amid escalating tensions in the Middle East. Brent crude oil futures reached nearly $98 a barrel, marking the highest level since late July.

The spike follows a series of strikes exchanged between the U.S. and Iran over the weekend, with the uncertainty surrounding U.S.-Iran relations putting investors on high alert. The recent attack on Saudi Aramco oil facilities in Jizan, Saudi Arabia, added to the upward pressure on prices.

Despite concerns about potential disruptions in oil supply, market analysts expect a rise in oil supply from the Middle East in the long term, which could help stabilize prices.