Oil prices rise to six-week highs on worsening Middle East conflict

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Oil prices is at a six-week high as Iran vows to strike energy infrastructure across the Middle East in response to further US attacks on its assets, Reuters reports.

Brent crude futures are up $1.03, or 1.1 per cent, to settle at $97.31 a barrel, after hitting their highest point since July 24 at $98.06.

Brent futures settled around 1730 GMT (10:30pm PKT), about an hour earlier than their usual settlement time due to the Labour Day holiday in the United States.

US West Texas Intermediate crude, which will not settle on Monday due to the holiday, is up 1.3pc, or $1.17, at $92.65 a barrel by 1745 GMT (10:45pm PKT).

WTI futures earlier rose as high as $93.29, also the highest since July 24.

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