Oil Prices Hit Six-Week High Amid Renewed U.S.-Iran Hostilities and Saudi Facility Attack
Brent and WTI crude rose to their highest levels since late July as the United States and Iran exchanged strikes and a Saudi Aramco plant was reportedly damaged.
Oil prices climbed to six-week peaks on Monday after the United States and Iran exchanged attacks over the weekend, heightening Middle East tensions. Brent crude futures gained 1.5% to $97.73 a barrel, briefly touching $97.93, while the U.S. West Texas Intermediate benchmark rose 1.8% to $93.10, both reaching levels not seen since late July.
The escalation follows a U.S. strike on three Iranian oil tankers on Saturday, which the military said were part of a "multibillion-dollar shadow network" supporting Iran’s Revolutionary Guard and its regional proxies. Iran responded with ballistic missile launches at two U.S. Navy warships, prompting Defense Secretary Pete Hegseth to warn that the United States would "destroy (and sink)" Iranian oil tankers if they fire on U.S. vessels.
In a separate development, the Financial Times reported fresh attacks on Saudi Aramco facilities, including a refinery in Jizan that processes 400,000 barrels per day. Damage assessments are ongoing, and the responsible party has not been identified.
"Strike our assets and you get struck," Iranian Parliament Speaker Mohammad Baqer Qalibaf posted on X in response to the U.S. defense secretary’s statement.
The Iranian Foreign Ministry condemned the U.S. actions against commercial vessels as a "war crime" and an act of "economic warfare."