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Oil prices extended gains on Monday as efforts to end the Iran war appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as US President Donald Trump is expected to discuss military options on Iran.
Brent crude futures climbed $2.01, or 1.84 per cent, to $111.27 a barrel by 0432 GMT, but were off the $112 they had touched earlier for their highest since May 5.
US West Texas Intermediate crude stood at $107.75 a barrel, up $2.33, or 2.21pc, after a rise to $108.70, its highest since April 30. The front-month June contract expires on Tuesday.
Both contracts gained more than 7pclast week as hopes dimmed for a peace deal to end ship attacks and seizures around the key waterway of the Strait of Hormuz.
