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The Economic Times
The Economic Times

Oil prices rise to six-week high as US-Iran tensions escalate

Oil Iran United States Guards The Red Sea the Strait of Hormuz Iran Revolutionary Guards Strait of Hormuz

Oil prices rose more than 1.5% to their highest in more than six weeks on Thursday, with the United States launching a new round of strikes on Iran and Yemen's Houthis targeting oil tankers in the Red Sea.

Brent crude futures rose $1.93, or 2% to $96 by 0011 GMT, the highest since June 8. It had settled over $3 higher at $94.07 in the previous session, just shy of a six-week high.

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