Oil prices rise to 6-week high after Iran and U.S. trade blows, Saudi Aramco facilities reportedly hit

Primary Journalistic Dispatch & Direct Reporting

Oil prices rose to a six-week high on Monday as the U.S. and Iran traded strikes over the weekend, ratcheting up tensions in the Middle East.

Brent crude oil futures, the international oil benchmark, rose 1.3% to $97.52 per barrel on Monday and reached as high as $97.93 a barrel at one point, the highest since July 23. West Texas Intermediate , the U.S. oil benchmark, climbed 1.3% to $92.68 and briefly surpassed $93 a barrel, also the highest since late July.

In-Depth Developments & Factual Context

Saudi Aramco oil facilities were hit in fresh strikes on Monday, according to a report by the Financial Times. Damage was still being assessed on the facility in the Saudi Arabian city of Jizan, home to a 400,000-barrel-per-day oil refinery, and it's not immediately clear who was responsible for the attack, according to the FT.

Oil markets were already set to be on edge because of a weekend flare-up in the conflict. The U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships, U.S. Central Command said .

Industry Impact & Strategic Analysis

CENTCOM said the three Iranian ships are part of a "multibillion-dollar shadow network" that funds Iran's Revolutionary Guard and its regional proxies.

The Iranian Foreign Ministry, in a statement on Saturday, denounced the attacks on commercial vessels as a "war crime" and an act of "economic warfare."

Forward Outlook & Market Perspective

The strikes come about a week after fighting between the U.S. and Iran resumed following about a month of relative calm in the conflict, which surpassed the six-month mark in August.

Elevated oil prices have pushed up the cost of other fuels like gasoline and diesel, both of which hit record highs for a Labor Day weekend .

Get this delivered to your inbox, and more info about our products and services.

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Reporting synthesized and verified under Nexvoro.tech editorial guidelines. Full primary records referenced via CNBC Top News.