US-Iran Tensions Send Oil Prices Soaring

Oil prices surged to a six-week high on Monday as US-Iran tensions escalated and raised concerns about supply disruptions.

The Brent crude futures benchmark rose 1.5% to $97.73 per barrel, its highest level since July 23, while West Texas Intermediate crude gained 1.8% to $93.10.

The latest US-Iran conflict threatens to further disrupt oil flows through the Middle East, a critical region for 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 refinery capable of processing 400,000 barrels per day in Jizan, Saudi Arabia.