OIL PRICES REACH SIX-WEEK HIGH AFTER U.S.-IRAN MILITARY STRIKES

Brent crude oil futures and West Texas Intermediate both rose to their highest levels in six weeks on Monday following military exchanges between the United States and Iran over the weekend. Brent crude climbed 1.3 per cent to $97.52 per barrel, reaching $97.93 at its peak, while WTI rose 1.3 per cent to $92.68 and briefly exceeded $93 per barrel. Saudi Aramco oil facilities in Jizan were struck in fresh attacks on Monday, with damage still being assessed at a refinery with a reported capacity of 400,000 barrels per day, though responsibility for the strikes remained unclear.

U.S. Central Command stated that American military forces struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. CENTCOM characterised the three Iranian vessels as part of a multibillion-pound shadow network that funds Iran's Revolutionary Guard and its regional proxies. The Iranian Foreign Ministry responded by denouncing the attacks on what it described as commercial vessels, characterising them as a "war crime" and an act of "economic warfare". The exchange marked a resumption of hostilities following approximately one month of relative calm in the conflict, which surpassed the six-month mark in August.

Rising oil prices have increased the cost of petrol and diesel for consumers. Both fuels reached record highs during the Labour Day weekend period. October and November delivery contracts for WTI and Brent crude steadied after earlier gains, according to market data.