Oil extends gains with Brent at $120 as fears of an extended U.S.-Iran conflict rise

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Oil extended gains Thursday on signs of a prolonged U.S. blockade of Iranian exports and stalled nuclear negotiations, stoking fears that supplies will remain tight for longer.

The gains come as Axios reported that U.S. President Donald Trump had rejected Tehran’s proposal to reopen the Strait of Hormuz, signaling the naval blockade will remain in place until a broader nuclear agreement is reached.

June futures for international benchmark Brent

crude rose 1.96% to $120 a barrel, while U.S. West Texas Intermediate