Oil extends gains as Middle East conflict threatens export facilities

Oil prices extended gains on Monday as the US-Israeli war against Iran entered a third week, ‌putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the biggest disruption to global supplies ever. Brent crude futures jumped $2.01, or 1.95%, to $105.15 a barrel by 2338 GMT after settling $2.68 higher on Friday. US West Texas Intermediate crude climbed $1.61, or 1.63%, to $100.32 a barrel, after gaining nearly $3 in ​the previous session. Both contracts have surged more than 40% this month to their highest levels since 2022 after the ​US-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz - a key chokepoint for ⁠a fifth of the global oil supply.