WASHINGTON: Oil prices climbed to six-week highs on Monday, with Brent crude briefly topping $98 a barrel, as Iran vowed to target energy infrastructure across the Middle East in response to further US attacks on its assets, Reuters reported.
Brent crude futures rose as high as $98.06 a barrel, their highest level since July 24, before settling $1.03, or 1.1%, higher at $97.31.
US West Texas Intermediate crude also reached a six-week high of $93.29 a barrel. WTI, which did not settle on Monday because of the Labour Day holiday in the United States, was up $1.17, or 1.3%, at $92.65 by 1745 GMT.
The latest gains came as Iran threatened to target energy infrastructure across the Middle East following further US attacks on Iranian assets, adding to fears of a wider disruption to regional oil supplies.
Earlier, A senior US official said that the Strait of Hormuz is fully open and under the control of the US Navy, in response to inquiries over Iranian threats to establish a restricted zone in the waterway, media reported.
The assessment follows a covert US Navy mine-clearing operation in the strait since April, in which special operations forces used advanced techniques to remove an estimated 80 naval mines. The official expects shipping traffic to rise further as a result.
They add that the US remains satisfied with current oil and gas flows through the strait.–Agencies
