Oil prices surge as US-Iran strikes intensify in Strait of Hormuz

Oil prices are rising to nearly a six-week high amid a wave of strikes between the United States and Iran in the Strait of Hormuz, through which roughly a fifth of the world’s oil supply travels during peacetime.On Monday, Brent oil futures, the global benchmark, rose to hover around $97 a barrel — up 9 percent over the last five days and 19 percent over the last month. Monday’s market moves are approaching the highest point since July 24th, when prices topped $97.93.Recommended Stories list of 4 itemslist 1 of 4Iran war: Why US midterms could be a pivotal momentlist 2 of 4Diesel price hits all-time high in US amid Iran war woeslist 3 of 4US imposes sanctions on Turkish bank, prompting legal threatlist 4 of 4Iran President Pezeshkian calls for unity as US ramps up economic pressureend of listUS West Texas Intermediate crude similarly rose to $92.27 a barrel, up 79 cents, also a near six-week high.In recent days, strikes escalated in the Strait of Hormuz. The US hit three Iranian oil tankers on Saturday, while Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had struck three tankers and three US-linked vessels in other areas.“This is a reflection of continued conflict and exc...