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Oil Prices Rise to Six-Week Highs on Worsening Middle East Conflict
Prices jumped as weekend U.S.-Iran strikes on tankers and warships deepened fears of wider supply disruptions, with Brent briefly nearing $98 a barrel.
- Oil prices reached a six-week high on Monday as Middle East tensions escalated. Brent crude rose to $97.93 a barrel, while West Texas Intermediate climbed 1.3% to $92.68.
- Tensions escalated when the Navy struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships, Central Command reported.
- Central Command identified the Iranian ships as part of a "multibillion-dollar shadow network" that funds the Revolutionary Guard and its regional proxies operating near the Strait of Hormuz.
- The Iranian Foreign Ministry denounced the attacks on commercial Vessels as a "war crime" and an act of "economic warfare" on Saturday.
- Fresh strikes hit Saudi Aramco Oil facilities on Monday, including a refinery in Jizan capable of processing 400,000 barrels per day, according to the Financial Times.
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US-Iran Fire in the Strait of Hormuz: What Happens to Oil, Gold and the Fed's Next Move
TODAY’S NUMBERS: $97.19 (Brent crude, a six-week high) · $5.85 (US retail diesel, a record) · 4.79% (US 10-year Treasury yield) War in the Gulf is repricing oil and diesel, while a hot jobs report keeps a Fed rate hike on the table — this week tests both bets at once. Over the weekend, the […]
·Plovdiv, Bulgaria
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The price of West Texas Intermediate (WTI) crude is trading above $90 a barrel, while Brent crude is nearing $100 a barrel, amid ongoing hostilities in the Middle East and seemingly still far from an agreement that would restore trade. Meanwhile, diesel prices in the United States are stuck at record highs of nearly $6 a gallon.
·Issy-les-Moulineaux, France
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Total News Sources26
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution37% Left, 36% Center
Bias Distribution
- 37% of the sources lean Left, 36% of the sources are Center
37% Left
L 37%
C 36%
R 27%
Factuality
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