SINGAPORE – Brent crude futures advanced $2.69, or 3.05 percent, to $90.79 a barrel, hitting their highest level since 11 June and extending gains after a 15.9 percent jump last week — the largest weekly increase since April.
US West Texas Intermediate crude rose $2.19, or 2.65 percent, to $84.68 a barrel, its strongest level since 12 June. The front month contract gained 15.5 percent last week, its biggest weekly advance since early March.
Hostilities escalated over the weekend, with the United States launching strikes for a ninth consecutive night on Iran.
Both sides have targeted maritime navigation in recent days, with Washington imposing a naval blockade on Iranian ports and Tehran striking vessels that violate its navigation rules. About one fifth of global oil trade typically passes through the Strait of Hormuz.