US-Iran Tensions Drive Oil Prices Near Six-Week Highs

Oil prices remain near six-week highs as tensions between the US and Iran persist. On Monday, Brent crude futures rose $1.19 (1.2%) to $97.47 a barrel, while U.S. West Texas Intermediate crude hovered at $92.26 a barrel.

The recent attacks on vessels in the Strait of Hormuz have kept crude oil flows in the Middle East low. On Saturday, the US struck three Iranian oil tankers, including one off the coast of Kharg Island, an oil export hub.

Iran's Islamic Revolutionary Guard Corps claimed to have targeted three oil tankers traveling through unauthorized routes in the Strait of Hormuz, as well as three U.S.-linked vessels in other areas. This escalation has weakened the distinction between military confrontation and commercial shipping.