Oil reaches 6-week high on tensions

Oil prices rose to a six-week high amid escalating regional tensions between Iran and the United States, following Iran's threat to target energy facilities in the region in response to American attacks on Iranian assets. The price of Brent crude reached $97.13 per barrel, a 0.9% increase, while West Texas Intermediate futures rose to $92.63, up by 1.3%. These statements and clashes have caused a slowdown in oil tanker movements through the Strait of Hormuz, with forecasts suggesting that oil prices could reach $120 if the escalation continues. Additionally, U.S. inventories of gasoline and fuel have declined, according to reports from analysis firms.

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