Oil prices extend gains as US-Iran war deadlock keeps supply off market

Oil prices extended gains on Thursday on concerns supply from the key Middle East producing region will remain bottled up for longer as talks to end ​the US-Israeli war against Iran have deadlocked. Brent crude futures for June rose $1.91, or 1.62%, ‌to $119.94 a barrel as of 0057 GMT after gaining 6.1% in the previous session. The June contract, which has increased for a ninth day, expires on Thursday and the more active July contract was at $111.38, up 94 cents, or 0.85%, after ​gaining 5.8% in the previous session. US West Texas Intermediate futures for June were up 63 ​cents, or 0.59%, at $107.51 a barrel, after climbing 7% in the previous session, ⁠climbing in eight of nine sessions. US President Donald Trump spoke on Wednesday with oil companies ​about how to mitigate the impact of a possible months-long US blockade of Iran’s ports, a White ​House official said on Wednesday, triggering concerns in the market of an extended disruption to oil supplies.