Oil prices have returned to six-week highs. Israel has issued threats against Iran

Oil prices surged to a six-week high amid a new escalation of the conflict in the Middle East. November Brent contracts rose to an intraday high of $97.62 per barrel (up more than 1% from the previous close), while U.S. WTI futures briefly exceeded $93.

Traders are reacting to the resumption of U.S. strikes against Iran, as well as new threats against Tehran from Tel Aviv, according to Reuters.

On September 3, Israeli Defense Minister Israel Katz, while proposing a toast to mark Rosh Hashanah, the Jewish New Year, at a meeting with Defense Ministry staff, warned once again that Israel would “paralyze” Iran’s military and civilian infrastructure, including energy facilities, if Tehran were to launch an attack against it, according to The Times of Israel.

Saxo Bank analyst Ole Hansen later told Reuters that it was Katz's comments that contributed to the latest spike in oil prices.

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