Oil prices rose to a six-week high on Monday, with Brent crude reaching $97.52 per barrel, up 1.3%, after the U.S. and Iran exchanged strikes over the weekend. The U.S. military struck three Iranian oil tankers on Saturday in response to Iranian ballistic missiles targeting two American warships, according to U.S. Central Command. Saudi Aramco facilities were reportedly hit on Monday in the city of Jizan, home to a 400,000-barrel-per-day oil refinery. Tehran condemned the attacks on commercial vessels as a war crime and an act of economic warfare.
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