Commodities
Oil Prices Spike as US-Iran Tensions Escalate
Oil prices rose for a third consecutive day, reaching six-week highs as tensions between the US and Iran escalated following weekend strikes on each other's assets.
The Brent crude futures contract gained 0.20% to $97.20 per barrel, while West Texas Intermediate (WTI) futures advanced 1.07% to $92.56 per barrel.
The uptick in prices comes as the US and Iran traded strikes over the weekend, with Washington striking three Iranian oil tankers after Tehran launched ballistic missiles at two Navy warships.
The Iranian Foreign Ministry denounced the attacks on commercial vessels as a 'war crime' and an act of 'economic warfare.'