Oil extended gains on Thursday, reversing earlier losses, as worries over escalating tensions in the Middle East and their impact on energy supplies drove Brent crude further above the $100-a-barrel threshold. Futures for Brent crude for November delivery rose 0.95% to $102.17 a barrel, while U.S. West Texas Intermediate futures for October jumped 1.2% to $97.20 per barrel. The U.S. military on Tuesday destroyed five Iranian crude oil tankers in retaliation for attempted attacks on an American warship. According to Goldman Sachs, the escalation in the U.S.-Iran conflict, now in its seventh month, is raising the risk of oil prices surging above $120 a barrel.
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