US-Iran Tensions Send Oil Prices Soaring Amid Disruption Risks

Oil prices surged on Monday as US-Iran tensions escalated, reaching a six-week high. Brent crude futures rose 1.5% to $97.73 a barrel, while West Texas Intermediate crude gained 1.8% to $93.10.

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

The US military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two US Navy warships. CENTCOM said the vessels were part of a 'multibillion-dollar shadow network' that funds Iran's Revolutionary Guard and regional proxies.