Oil Prices Hit Six-Week High; Saudi Aramco Attacked, Brent Nears $98

[Financial News] Global oil prices rose to their highest level in six weeks as facilities operated by Saudi Arabia’s state-owned oil company Saudi Aramco came under attack and armed clashes between the United States and Iran intensified. Concerns about supply disruptions have resurfaced as attacks expanded to crude oil production facilities and tankers in the Middle East.
On the 7th (local time), Brent crude oil futures, the benchmark for global oil prices, rose 1.5% to $97.73 a barrel. During the session, prices climbed as high as $97.93, the highest level since July 23.
West Texas Intermediate (WTI) crude oil futures also rose 1.8% to $93.10 a barrel, reaching their highest level since late July.
The immediate factor driving oil prices higher was the escalation in armed clashes between the United States and Iran over the weekend. According to United States Central Command (CENTCOM), the U.S. military attacked three Iranian tankers on the 5th after Iran launched ballistic missiles at two U.S. Navy warships.
CENTCOM said the Iranian vessels it attacked belonged to a “shadow network worth billions of dollars” that funds the Islamic Revolutionary Guard Corps (IRGC) and regional proxy forces.
Iran’s Foreign Ministry condemned the U.S. attacks on commercial vessels as a “war crime” and “economic warfare.”


The United States and Iran subsequently exchanged threats that they could directly target each other’s oil-related assets.
U.S. Defense Secretary Pete Hegseth warned that if Iran attacked U.S. vessels, the United States would “destroy and sink” Iranian tankers.
In response, Mohammad Bagher Ghalibaf, speaker of Iran’s parliament, wrote on X on the 7th, “If you attack our assets, your assets will also be attacked.”
Clashes between the United States and Iran had remained relatively quiet for about a month before resuming late last month. As the targets of attacks have expanded beyond military facilities to crude oil transport vessels, concerns about global energy supplies have grown.


News that oil facilities in Saudi Arabia, the world’s largest crude oil exporter, had also come under attack further fueled the rise in oil prices.
According to CNBC, citing the Financial Times (FT), a Saudi Aramco oil facility came under a new attack on the 7th.
The attacked facility is located in Jizan in southwestern Saudi Arabia, and local authorities are assessing the extent of the damage. Jizan has a refinery capable of processing 400,000 barrels a day.
The party responsible for the attack was not immediately identified, and it also remains unclear how much the attack actually disrupted crude oil production or refining operations.
As military tensions in the Middle East rise and concerns about supply disruptions persist, global oil prices are staying at elevated levels, increasing the fuel-cost burden on U.S. consumers.
CNBC reported that gasoline and diesel prices had both risen to record highs for the Labor Day holiday period. With global oil prices again approaching $100 a barrel, whether additional attacks occur against oil production and transport facilities in the Middle East is expected to be a key factor determining future oil prices.


[email protected] Lee Seok-woo, International Affairs Correspondent Reporter