Naughty Flicks

Skip NavigationMarketsBusinessInvestingTechPolitics & PolicyVideoWatchlistInvesting ClubPROLivestreamMenu

• Brent and WTI crude oil prices rose to a six-week high on Monday.
• Saudi Aramco oil facilities were reportedly struck in fresh attacks. Meanwhile, the U.S. and Iran fired on each other’s ships over the weekend in an escalation of hostilities.
• Elevated oil prices have pushed up the cost of fuels like gasoline and diesel.

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, Aug. 31, 2026. Stringer | Reuters

Oil prices rose to a six-week high on Monday as the U.S. and Iran traded strikes over the weekend, ratcheting up tensions in the Middle East.

Brent crude oil futures, the international oil benchmark, rose 1.3% to $97.52 per barrel on Monday and reached as high as $97.93 a barrel at one point, the highest since July 23. West Texas Intermediate, the U.S. oil benchmark, climbed 1.3% to $92.68 and briefly surpassed $93 a barrel, also the highest since late July.

Saudi Aramco oil facilities were hit in fresh strikes on Monday, according to a report by the Financial Times. Damage was still being assessed on the facility in the Saudi Arabian city of Jizan, home to a 400,000-barrel-per-day oil refinery, and it’s not immediately clear who was responsible for the attack, according to the FT.

Stock Chart IconStock chart iconWTI Crude Oil, YTD

Oil markets were already set to be on edge because of a weekend flare-up in the conflict. The U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships, U.S. Central Command said.

CENTCOM said the three Iranian ships are part of a “multibillion-dollar shadow network” that funds Iran’s Revolutionary Guard and its regional proxies.

The Iranian Foreign Ministry, in a statement on Saturday, denounced the attacks on commercial vessels as a “war crime” and an act of “economic warfare.”

Stock Chart IconStock chart iconBrent crude, YTD

The strikes come about a week after fighting between the U.S. and Iran resumed following about a month of relative calm in the conflict, which surpassed the six-month mark in August.

Elevated oil prices have pushed up the cost of other fuels like gasoline and diesel, both of which hit record highs for a Labor Day weekend.

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.