The Globe and Mail reports in its Tuesday edition that oil prices hit a six-week high on Monday as Iran threatened to target energy infrastructure in the Middle East following recent U.S. attacks on its assets, escalating a conflict that has decreased regional oil supply. A Reuters dispatch to The Globe says that Brent crude futures rose $1.03 to settle at $97.31 a barrel, after hitting their highest point since July 24 at $98.06 (all figures U.S.). West Texas Intermediate crude was up $1.17 at $92.65 a barrel Monday afternoon. Iranian parliament speaker Mohammad Baqer Qalibaf warned, "Strike our assets and you get struck," in response to U.S. Defense Secretary Pete Hegseth's claim that Tehran's oil fleet was "defenseless." The United States and Iran traded strikes on oil tankers and warships over the weekend, marking a major escalation of the war. The war has taken a heavy toll on global oil supply, forcing nations to burn through stockpiles to avoid deficits. In the U.S., the largest oil producer and consumer, inventories of gasoline and distillate fuel are substantially below year-ago and five-year seasonal averages, note PVM Energy analysts.