Oil prices extend gains, lifting Brent crude towards $80 on fears of wider Middle East conflict

Oil prices extended gains on Monday, with Brent nearing $80 to build on last week’s steepest weekly jump since early 2023, driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region.

Brent crude futures rose $1.30, or 1.7 per cent, to $79.35 a barrel by 1201 GMT. U.S. West Texas Intermediate (WTI) crude futures jumped $1.40, or 1.9 per cent, to $75.78. WTI had earlier risen by more than $2.

Brent climbed by more than...