Oil hits six-week high; Brent touches $98

Oil prices rose on Monday, trading near their highest levels in six weeks, as tensions between the United States and Iran persisted and crude flows from the Middle East were affected.

According to the latest Reuters updates, Brent crude rose by about 1.3% to around $97.50 per barrel, after reaching $97.93 during the session, its highest level since July 24.

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The price surge came amid ongoing mutual attacks by the United States and Iran on ships and tankers in the Strait of Hormuz and other areas, keeping crude flows from the Middle East at low levels and fueling concerns about continued supply disruptions.

Brent crude had risen by about 8% over the past week, while West Texas Intermediate crude climbed by approximately 10%, as attacks resumed and oil tanker traffic through the Strait of Hormuz declined.