Oil Prices Surge to Six-Week High Amid Escalating Middle East Tensions
Oil prices surged on Monday and Tuesday, reaching a six-week high of $97.62 for Brent crude and rebounding above $92 for WTI as US strikes on Iranian oil tankers and Saudi Aramco attacks rattled energy markets.
The spike in oil prices comes despite efforts by major economies to manage higher import costs, with the US Strategic Petroleum Reserve plunging to less than 290 million barrels, its lowest level since 1982. China also significantly cut imports of crude oil and refinery runs.
US Energy Secretary Chris Wright said Washington would maintain its naval presence and blockade aimed at limiting Iranian oil exports while supporting the safe passage of commercial vessels. Wright previously stated that millions of barrels of crude were still moving through the Strait of Hormuz despite escalating conflict.