Oil Prices Rise to Six-Week High Amid US-Iran Strikes, Nuclear Deal Doubts
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The Story
Oil prices rose to a six-week high on Monday as the U.S. and Iran traded strikes over the weekend. Brent crude futures climbed 1.5% to $97.73 per barrel, reaching $97.93, the highest since July 23. West Texas Intermediate (WTI) also increased 1.8% to $93.10, its highest since late July. Saudi Aramco oil facilities were hit in fresh strikes on Monday in Jizan, home to a 400,000-barrel-per-day oil refinery, according to a Financial Times report. Responsibility for this attack is not immediately clear. The U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships, U.S. Central Command (CENTCOM) said. Iran's Islamic Revolutionary Guard Corps stated it targeted three oil tankers in the Strait of Hormuz and three U.S.-linked vessels elsewhere. The Iranian Foreign Ministry denounced the attacks on commercial vessels as a war crime and an act of economic warfare. Separately, Rafael Grossi, chief of the International Atomic Energy Agency (IAEA), said Monday that restoring its access to key Iranian nuclear sites could have very, very positive repercussions for Tehran. The IAEA has been unable to access several sites since June 2025. The U.S., Britain, France, and Germany are preparing to seek a resolution referring Iran to the UN Security Council. U.S. Energy Secretary Chris Wright stated on Sunday that a nuclear agreement with Iran may not happen, suggesting it might involve destroying their capabilities to do it or awaiting a new administration in Iran. Wright also said the U.S. military's biggest role in the Gulf region is to stop Iranian energy exports, aiming to strangle their economy. He declined to declare the Strait of Hormuz safe for oil tankers without U.S. Navy escort. The conflict between the U.S. and Iran resumed about a week ago after a month of calm, surpassing the six-month mark in August.
The Spread
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What they agree on
- Oil prices rose to a six-week high on Monday following U.S. and Iranian strikes over the weekend.
- The U.S. military struck three Iranian oil tankers on Saturday.
- U.S. Energy Secretary Chris Wright stated on Sunday that a nuclear agreement with Iran "may not" happen.
- The International Atomic Energy Agency (IAEA) chief Rafael Grossi said renewed access to Iranian nuclear sites could have "positive repercussions."
- A Saudi Aramco oil facility in Jizan was reportedly hit by strikes on Monday.
Where they split
- CNBC and Channel News Asia provide specific percentage increases and exact dollar figures for Brent and WTI crude prices, while Yahoo Finance and MENA FN offer more general statements about prices holding near six-week highs.
- The Guardian and ABC News directly quote Energy Secretary Chris Wright stating "there may not be a nuclear agreement," while The Washington Post and Moneycontrol paraphrase his remarks.
- Middle East Eye details the IAEA's previous estimate of Iran's 60 percent enriched uranium stockpile (440kg) and the 2015 deal's 3.67 percent limit, which other outlets do not include.
- The Daily Caller includes a quote from President Trump, "Thank God for President Trump's courage to take this on," which is not present in other reports on Energy Secretary Wright's interviews.
Source Perspectives
Left5 sources
Center9 sources