Oil reaches six-week high amid Iranian threats to energy sites

Oil prices rose to a six-week high on Monday as Iran vowed to strike energy infrastructure across the Middle East in response to further US attacks on its assets, the latest escalation in a conflict that has sharply reduced oil supply from the region.

Brent crude futures rose 85 cents, or 0.9 per cent, to $97.13 a barrel by 12:38 EDT (16:38 GMT), after hitting their highest point since July 24 at $98.06.

US West Texas Intermediate crude was up 1.3 per cent, or $1.15, at $92.63 a barrel. WTI futures earlier rose as high as $93.29, also the highest since July 24.

"Strike our assets and you get struck," Iranian Parliament Speaker Mohammad Baqer Qalibaf said on Monday, in what appeared to be a response to US Defence Secretary Pete Hegseth's warning that Tehran's oil fleet was "defenceless".

The United States and Iran traded strikes on oil tankers and warships over the weekend, marking a major escalation of the war between the two countries that began when the US and Israel struck Iran on February 28, maritime intelligence firm Marisks said.