Oil prices climbed to a six-week high Monday, with Brent crude approaching $100 a barrel as renewed fighting between the United States and Iran and a reported attack on Saudi Aramco facilities intensified fears of further disruptions to global energy supplies. Brent crude futures rose 1.3% to $97.52 a barrel after briefly reaching $97.93, its highest level since July 23, according to CNBC. U.S. West Texas Intermediate crude also gained 1.3% to $92.68 a barrel after briefly topping $93, CNBC reported.
The latest rally followed a weekend escalation in which the U.S. military struck three Iranian oil tankers after Iran launched ballistic missiles at two U.S. Navy warships, according to U.S. Central Command. Iran condemned the attacks on commercial vessels as a “war crime” and an act of “economic warfare,” CNBC reported. The market was further unsettled Monday by reports that Saudi Aramco oil facilities in Jizan, Saudi Arabia, had been hit in a fresh attack.
