US-Iran Tensions Send Oil Prices Soaring

Oil prices hovered near six-week highs on Monday due to continued tensions between the US and Iran. The Strait of Hormuz, a crucial shipping route for crude oil, has seen reduced tanker traffic in recent days.

Brent crude futures were down 9 cents at $96.19 a barrel, having reached its highest point since July 24 at $97.93. U.S. West Texas Intermediate crude was near a six-week high at $91.03 a barrel, down 45 cents.

The attacks on Saturday by both sides included strikes on oil tankers and US vessels. Marisks, a maritime intelligence firm, described the situation as a 'major escalation' where commercial tankers are being used as instruments of economic pressure.