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 1.5% to $97.73 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 1.8% to $93.10, also the highest since late July.
"Strike our assets and you get struck," Iranian Parliament Speaker Mohammad Baqer Qalibaf wrote Monday in a post on X.
That post was in response to an earlier one by Defense Secretary Pete Hegseth, who wrote that the U.S. "will destroy (and sink)" Iranian oil tankers if Iran fires on U.S. vessels.
Saudi Aramco oil facilities were hit in fresh attacks 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.
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."
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.