Oil Prices Rise to Six Week High as War Escalates

A CNBC article

Oil prices rose to a six-week high on Monday as the U.S. and Iran traded strikes over the weekend, ratcheting up tensions in the Middle East.

Brent crude oil futures, the international oil benchmark, rose 1.5% to $97.73 per barrel on Monday and reached as high as $97.93 a barrel at one point, the highest since July 23. West Texas Intermediate, the U.S. oil benchmark, climbed 1.8% to $93.10, also the highest since late July.

“Strike our assets and you get struck,” Iranian Parliament Speaker Mohammad Baqer Qalibaf wrote Monday in a post on X.

That post was in response to an earlier one by Defense Secretary Pete Hegseth, who wrote that the U.S. “will destroy (and sink)” Iranian oil tankers if Iran fires on U.S. vessels.

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