Oil prices extended gains on Monday as fresh strikes between the US and Iran targeting vessels in and around the Strait of Hormuz heightened concerns over prolonged disruptions to Middle East oil supplies.

Brent crude futures climbed 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT while U.S. West Texas Intermediate crude was at $92.14 a barrel, up 66 cents, or 0.72%.

Oil prices experienced a significant rise on Monday, following a spike in tensions between the US and Iran. The US struck three Iranian oil tankers in a bold move, while Iran…