On Monday, Brent crude oil futures increased by 1.3% to $97.52 per barrel, while West Texas Intermediate also rose 1.3% to $92.68, both reaching their highest levels since late July. This spike in oil prices follows a series of military strikes between the U.S. and Iran over the weekend, which included U.S. military actions against Iranian oil tankers and Iranian missile attacks on U.S.
Navy warships. The situation intensified with reports of strikes on Saudi Aramco facilities, specifically in Jizan, where a 400,000-barrel-per-day refinery is located. The Iranian Foreign Ministry condemned the U.S. actions as a 'war crime,' indicating a significant escalation in the ongoing conflict.
The rising oil prices are expected to further increase costs for gasoline and diesel, which have already reached record highs for the Labor Day weekend. This volatility in oil prices could have broader implications for inflation and economic stability, particularly in energy-dependent sectors