Oil prices hit near seven-week highs, before edging lower, as Iran plans to increase control of Hormuz

TL;DR

Oil prices climb after reports of Saudi Aramco refinery being hit by Houthi rebels Oil prices rose to a six-week high on Monday as the U.S. and Iran traded strikes over the weekend, ratcheting up tensions in the Middle East. Brent crude oil futures, the international oil benchmark, rose 1.3% to $97.52 per barrel on Monday and reached as high as $97.93 a barrel at one point, the highest since July 23.