Oil extends gains as Middle East supply fears grow
Oil prices rose further above $100 a barrel on Sept. 11 as attacks on shipping in the Middle East raised concerns about prolonged supply disruptions.
Brent crude futures gained 1 percent to $108.68 a barrel in early trading, while U.S. West Texas Intermediate rose 1 percent to $103.45. Both benchmarks had climbed more than 6 percent the previous day.
Iran said it attacked 10 ships near the Strait of Hormuz on Sept. 9 following U.S. strikes on five Iranian oil tankers. Its Islamic Revolutionary Guard Corps warned it would step up its response to further attacks.
Meanwhile, the U.S. Energy Information Administration (EIA) raised its oil price forecasts for this year and next, citing restrictions on Middle Eastern exports and increased production cuts.
