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Oil prices rise to 6-week high after Iran and U.S. trade blows, Saudi Aramco facilities reportedly hit
CNBC • • world
Key Points:
- Oil prices reached a six-week high on Monday, with Brent crude rising 1.5% to $97.73 per barrel and West Texas Intermediate climbing 1.8% to $93.10, amid escalating U.S.-Iran tensions.
- The U.S. and Iran exchanged threats following weekend military actions, with Iran's Parliament Speaker warning of retaliation and U.S. Defense Secretary threatening to destroy Iranian oil tankers if U.S. vessels are attacked.
- Saudi Aramco's oil facilities in Jizan were reportedly attacked, causing damage to a refinery processing 400,000 barrels per day, though responsibility for the attack remains unclear.
- The U.S. military struck three Iranian oil tankers on Saturday in response to Iran's missile attacks on U.S. Navy warships, targeting vessels linked to funding Iran's Revolutionary Guard and regional proxies.
- Iran condemned the U.S. strikes as a "war crime" and "economic warfare," further intensifying tensions in the Middle East and contributing to market volatility.
