Brent crude rose to $97.5 a barrel on Monday, its highest level in six weeks and nearly 40% above prices before the outbreak of the war in Iran. The increase reflected expectations of prolonged supply tightness as Iran approached an agreement with Oman on a tanker route through the Strait of Hormuz. Hawkish US rhetoric opposing the corridor added to escalation risks while the US and Iran continued striking each other’s military and commercial vessels. Energy Secretary Chris Wright said Washington would maintain its naval presence and blockade. Crude’s rebound was limited as major economies drew on inventories to contain higher import costs. The US Strategic Petroleum Reserve (SPR), the government’s emergency oil stockpile, fell below 290 million barrels, its lowest level since 1982. China also significantly reduced crude imports, while refinery runs were cut by only 1.6 million barrels per day, pointing to weaker crude consumption despite steady demand for refined products.