Oil extends gains as Middle East hostilities flare and talks stall

SINGAPORE: Oil prices rose on Wednesday, extending gains from the previous session, as hostilities in the Middle East erupted ​anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between ‌Iran and the US showed little progress. Brent futures gained 81 cents, or 0.8 percent, to $96.81 a barrel at 06:30 a.m. Saudi time, while US West Texas Intermediate crude climbed 91 cents, or 1 percent, to $94.67. Both benchmarks settled at a ​one-week high in the previous session.

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