Oil prices reached a six-week high on Monday as the U.S. and Iran exchanged strikes over the weekend.
Oil prices rose to a six-week high on Monday as the U.S. and Iran traded strikes over the weekend. Brent crude oil futures rose 1.5% to $97.73 per barrel, while West Texas Intermediate climbed 1.8% to $93.10.
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These prices represent the highest levels seen since late July. Defense Secretary Pete Hegseth stated that the U.S. will destroy or sink Iranian oil tankers if Iran fires on U.S. vessels. Iranian Parliament Speaker Mohammad Baqer Qalibaf responded by stating that if the U.S. strikes Iranian assets, Iran will strike back. The U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. These tankers are part of a shadow network that funds Iran's Revolutionary Guard and its regional proxies. The Iranian Foreign Ministry denounced the attacks on commercial vessels as a war crime and an act of economic warfare. Additionally, Saudi Aramco oil facilities were hit in fresh attacks on Monday. Damage to the facility in Jizan is currently being assessed.