Oil prices extend gains on escalating Middle East hostilities

July 20 (Reuters): Oil prices rose on Monday to their highest in more than a month, with Brent crude climbing above $90 a barrel as escalating hostilities between U.S. and Iran restricted oil shipments through the Strait of Hormuz. Brent crude futures were up $1.03, or 1.17%, at $89.13 a barrel by 0751 GMT, touching their highest since June 11 and extending last week's hefty 15.9% gains. That was Brent's biggest weekly gain since April. U.S. West Texas Intermediate crude rose 65 cents, or 0.79%, to $83.14, its loftiest level since June 12. Front-month prices had gained 15.5% last week for the largest weekly ascent since early March. Photo from Reuters