Oil prices extended their gains on Friday, with both major benchmarks on track to finish the week above $100 a barrel for the first time since mid-May, as growing attacks along key shipping routes in the Middle East heightened concerns over prolonged supply disruptions.

Brent crude moved closer to $100 as renewed U.S.-Iran tensions and threats to Gulf shipping raised fears of prolonged oil supply disruptions.

Oil prices surge as Brent nears $100 after Saudi energy attacks and Iran-US threats raise fears of supply disruptions through the Strait of Hormuz. | Business News