Oil prices extended gains as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East, Reuters reports.
Brent crude futures climbed 52 cents, or 0.54 per cent, to $96.80 a barrel by 2354 GMT while US West Texas Intermediate crude was at $92.14 a barrel, up 66 cents, or 0.72pc.
Brent rose 7.8% last week while WTI gained nearly 10pc after the US and Iran resumed attacks and caused a reduction in oil flows through the Hormuz strait where a fifth of the world’s oil supply used to transit.
