Oil hits six-week high near $96
Oil prices have risen to their highest levels in more than six weeks, amid escalating military tensions in the Gulf and the Red Sea. This follows the United States conducting new strikes on Iran and the Houthi rebels claiming responsibility for targeting oil tankers in the Red Sea. West Texas Intermediate crude reached $88.08 per barrel, while Brent crude hit $96, marking the highest level since June 2026, amid concerns over how the tensions might affect shipping routes and global energy supplies. This development coincides with U.S. strikes against Iran and a escalation of threats between Washington and Tehran regarding the security of the Strait of Hormuz, as well as Houthi attacks on Saudi oil tankers, all contributing to heightened anticipation in the oil and energy markets.
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