Vessels close to the Strait of Hormuz, as seen from Musandam, Oman, Aug. 31, 2026.
Stringer | Reuters
Oil costs rose to a six-week excessive on Monday because the U.S. and Iran traded strikes over the weekend, ratcheting up tensions within the Center East.
Brent crude oil futures, the worldwide oil benchmark, rose 1.3% to $97.52 per barrel on Monday and reached as excessive as $97.93 a barrel at one level, the best since July 23. West Texas Intermediate, the U.S. oil benchmark, climbed 1.3% to $92.68 and briefly surpassed $93 a barrel, additionally the best since late July.
Saudi Aramco oil amenities have been hit in recent strikes on Monday, in response to a report by the Monetary Instances. Injury was nonetheless being assessed on the power within the Saudi Arabian metropolis of Jizan, residence to a 400,000-barrel-per-day oil refinery, and it is not instantly clear who was chargeable for the assault, in response to the FT.
WTI Crude Oil, YTD
Oil markets have been already set to be on edge due to a weekend flare-up within the battle. The U.S. army struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships, U.S. Central Command stated.
CENTCOM stated the three Iranian ships are a part of a “multibillion-dollar shadow community” that funds Iran’s Revolutionary Guard and its regional proxies.
The Iranian International Ministry, in a assertion on Saturday, denounced the assaults on business vessels as a “battle crime” and an act of “financial warfare.”
Brent crude, YTD
