Reuters: World oil prices soar to six-week high after new US and Iran attacks

Oil prices rose to a six-week high on Sept. 7 after Iran vowed to strike energy infrastructure in the Middle East. Brent crude futures rose $1.03, or 1.1%, to $97.31 a barrel.

Reuters writes about this.

US West Texas Intermediate (WTI) crude oil rose by $1.17 (1.3%) to $92.65 per barrel.

The United States and Iran exchanged strikes on oil tankers and warships over the weekend, according to maritime intelligence firm Marisks, in a major escalation of the war between the two countries that began on February 28.

Last week, after renewed attacks between the US and Iran, the price of Brent rose by about 8% and WTI by almost 10%.

What about the Strait of Hormuz?

The Strait of Hormuz is a key route for global oil exports. On August 31, the United States and Iran exchanged blows for the first time in recent memory. After that, world oil prices rose by more than 2%, with Brent exceeding $90 per barrel.

The countries traded blows again on September 2, when Tehran attacked American targets in the Middle East, followed by Washington striking Iranian military targets. Washington and Tehran also traded blows on Sunday, September 6. The US military struck three Iranian oil tankers after the IRGC launched ballistic missiles at US Navy ships.

Traffic through the Strait of Hormuz fell threefold in early September. During this period, an average of five ships passed through the strait — almost three times less than the usual figure of 14.

For more news and in-depth stories from Ukraine, please follow us on X.