Oil prices jumped to a six-week high on Monday as the United States and Iran traded blows over the weekend, intensifying tensions in the Middle East and jolting energy markets.
Brent crude futures, the international benchmark, rose 1.3% to $97.52 a barrel, after touching an intraday high of $97.93 — the strongest level since July 23. West Texas Intermediate, the U.S. benchmark, also gained 1.3% to $92.68, briefly surpassing $93 a barrel, its highest since late July, according to CNBC.
The latest spike followed a report from the Financial Times that Saudi Aramco oil facilities were hit in fresh strikes on Monday. The attack targeted a facility in the southwestern Saudi city of Jizan, home to a 400,000-barrel-per-day refinery, the FT said. Damage was still being assessed, and it was not immediately clear who was responsible for the strike.
Weekend escalation
Markets were already on edge heading into the new trading week after a flare-up in the conflict over the weekend. U.S. Central Command said the U.S. military struck three Iranian oil tankers on Saturday, hours after Iran launched ballistic missiles at two U.S. Navy warships.
CENTCOM described the tankers as part of a “multibillion-dollar shadow network” that funds Iran’s Revolutionary Guard and its regional proxies.
Iran’s Foreign Ministry responded on Saturday, denouncing the attacks on commercial vessels as a “war crime” and an act of “economic warfare.”
The strikes come roughly a week after fighting between Washington and Tehran resumed following about a month of relative calm in a conflict that crossed the six-month mark in August.
Ripple effects on fuel prices
The sustained rally in crude has begun to push up costs for consumers at the pump. Gasoline and diesel prices both hit record highs for a Labor Day weekend, reflecting the broader upward pressure from elevated oil prices.
With supply risks mounting and diplomatic channels showing little sign of cooling tensions, analysts are watching for further volatility in energy markets in the days ahead.
Source: www.cnbc.com — https://www.cnbc.com/2026/09/07/oil-prices-rise-to-6-week-high-after-iran-and-us-trade-blows-saudi-aramco-facilities-reportedly-hit.html
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