Oil prices rise to six-week highs

Business Recorder reported that oil prices climbed to a six-week peak on Monday after Iran threatened to hit energy facilities throughout the region, reacting to fresh American attacks on its holdings. By midday in New York, Brent futures stood at USD97.13 a barrel, up 85 cents or 0.9 percent, after peaking at USD98.06 earlier. US West Texas Intermediate rose 1.3 percent to USD92.63.

Over the weekend, Washington and Tehran hit each other's oil tankers and warships, a development that maritime intelligence firm Marisks called a major escalation of a war that began on February 28. Brent had gained roughly 8 percent in the previous week, and WTI almost 10 percent, as attacks resumed. Gasoline and distillate supplies in the US, according to PVM Energy analysts, are running beneath last year's figures and the five-year seasonal norm.

Israeli strikes on a southern Lebanese town left at least 12 dead on Monday, per the Lebanese health ministry. Saudi Aramco's Jazan refinery was also hit, according to the Financial Times, though damage was still being assessed. Shipping data from Kpler indicated that daily transits through the Strait of Hormuz averaged 10 commodity vessels over the last 10 days, the weakest level since May. OPEC+ left its October output policy unchanged at a Sunday meeting, saying it must agree new quotas before setting further steps.