US-Iran Strikes Send Oil Prices Soaring to Six-Week High

Oil prices surged on Monday after fresh US-Iran strikes escalated tensions in the Middle East and raised concerns about disruptions to global crude supplies.

The Brent crude futures contract, an international benchmark, rose by 1.5% to $97.73 a barrel, its highest level since July 23. West Texas Intermediate (WTI) crude gained 1.8% to $93.10, also reaching its highest level since late July.

The conflict threatens to further disrupt oil flows through the region, which is critical to global energy markets. Saudi Aramco facilities were hit in fresh strikes on Monday, according to the Financial Times, with damage still being assessed at a facility in Jizan, Saudi Arabia, capable of processing 400,000 barrels of crude per day.

The incident adds another layer of uncertainty for oil markets, which were already reacting to a weekend escalation between Washington and Tehran. The US military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two US Navy warships, according to the US Central Command.