Crude oil trades near six-week highs above $92.75 amid Middle East tensions
Crude topped $94 a barrel before paring gains to around $92.75, trading near six-week highs as supply-disruption concerns grow after US-Iran strikes and attacks on Saudi Aramco facilities.
75, leaving it near six-week highs as concerns grew over supply disruptions. The US and Iran exchanged strikes over the weekend, further heightening tensions in the Middle East. Saudi Aramco facilities were hit in fresh attacks on Monday, and Iran-backed Houthi militants said they targeted the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market. The US military struck three Iranian oil tankers on Saturday after Iran fired ballistic missiles at two Navy warships.
Iran said on Monday it would set up a new shipping corridor with Oman in the Strait of Hormuz, which could make tanker traffic through the chokepoint more difficult. Vessels would need to coordinate with Tehran to enter a new restricted maritime zone around the waterway.