Oil prices rise to six-week high as US-Iran tensions escalate

July 23 : Oil prices rose more than 1.5 per cent to their highest in more than six weeks on Thursday, with the United States launching a new round of strikes on Iran and Yemen's Houthis targeting oil tankers in the Red Sea. Brent crude futures rose $1.93, or 2 per cent to $96 by 0011 GMT, the highest since June 8. It had settled over $3 higher at $94.07 in the previous session, just shy of a six-week high. U.S. West Texas Intermediate crude rose $1.44, or 1.7 per cent, to $88.27 after rising nearly 3 per cent on Wednesday.The U.S. military said it carried out a 12th consecutive night of attacks on Iran hours after U.S. President Donald Trump's vowed to destroy an Iranian bridge or power plant every time Iran shoots at a ship in the Strait of Hormuz, raising the stakes in the war with Iran.