Global oil prices jumped to their highest level in around six weeks as rising tensions in the Middle East raised concerns over possible disruptions to regional energy supplies.
Brent crude increased 1.03% to $97.31 a barrel, while U.S. West Texas Intermediate rose 1.42% to $92.78 a barrel.
The rise in oil prices came amid increasingly strong warnings from Iranian officials over the possibility of further military escalation in the region.
Meanwhile, Iranian Navy Commander Rear Admiral Shahram Irani said the country’s armed forces were capable of disabling an adversary wherever necessary. He said Iranian naval operations had affected the operational capabilities of some enemy warships.
Irani also stressed the need for Iran’s armed forces to remain prepared for a potential future conflict, saying military forces were closely monitoring the movements of their adversaries.
A day earier, Iranian Parliament Speaker and senior negotiator Mohammad Bagher Ghalibaf warned that Iran could target U.S. oil and gas companies operating in the region if Washington attacks Iranian assets.
Ghalibaf said Iran had already demonstrated its ability to respond and pointed to U.S. military bases as evidence of its retaliatory capabilities.
The latest warnings followed remarks by the US Secretary of War that Iranian oil tankers could be destroyed if Iran attacked U.S. warships.
