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Oil rises to 6-week high amid regional tensions
Oil prices rose by more than 1.5%, reaching their highest level in over six weeks, amid escalating tensions in the Red Sea and the Strait of Hormuz. The Houthi group issued threats and targeted Saudi oil tankers, while the United States conducted new strikes on Iran. The burning of an Iranian oil tanker and Iran's reaffirmed control over the Strait heightened concerns, pushing Brent crude to $96.27 per barrel and West Texas Intermediate to $88.48. Tensions in the region and fears of further escalation drove the oil market higher.
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