Oil Prices Spike Amid US-Iran Conflict

Oil prices have risen to near six-week highs on Monday, reaching $97.17 per barrel for Brent crude and $92.27 per barrel for US West Texas Intermediate (WTI) crude.

The gains come after a series of attacks between the US and Iran, which has kept crude oil flows in the Middle East low. The Strait of Hormuz, a major shipping route, has seen a significant decrease in tanker traffic, with an average of 10 commodity ships transiting per day over the past 10 days.

The damage from the attacks is still being assessed, including an attack on Saudi Aramco's Jazan oil refinery in Saudi Arabia. The Financial Times reported that two people with knowledge of the matter stated that the damage was being ascertained.

Goldman Sachs predicts that oil prices may rise to $120 per barrel if attacks on shipping continue. Meanwhile, the United Arab Emirates is building alternative routes for its energy exports and trade to avoid being 'held hostage' by the ongoing conflict.