Arabic version: أسعار النفط تبلغ أعلى مستوى في ستة أسابيع بعد ضربات جديدة
According to Cnbc, oil prices rose to a six-week high on Monday after the United States and Iran traded strikes over the weekend, increasing tensions in the Middle East. Saudi Aramco oil facilities were also reportedly hit in fresh attacks.
Brent crude futures, the international benchmark, gained 1.3% to $97.52 per barrel. They reached as high as $97.93 a barrel, the highest level since July 23. West Texas Intermediate crude, the U.S. benchmark, climbed 1.3% to $92.68 and briefly moved above $93 a barrel, its highest level since late July.
The Financial Times reported that Saudi Aramco facilities were struck on Monday. Damage was still being assessed at a facility in Jizan, Saudi Arabia, which is home to a 400,000-barrel-per-day refinery. It was not immediately clear who was responsible for the attack, the report said.
Oil markets were already under pressure following a weekend escalation. U.S. Central Command said the U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. CENTCOM said the vessels were part of a “multibillion-dollar shadow network” that funds Iran’s Revolutionary Guard and regional proxies. Iran’s Foreign Ministry called the attacks on commercial vessels a “war crime” and an act of “economic warfare.”
The renewed fighting came about a week after conflict between the U.S. and Iran resumed following roughly a month of relative calm. The conflict passed the six-month mark in August. Higher oil prices have also raised costs for fuels including gasoline and diesel, which both reached record highs for a Labor Day weekend.
