Oil extends gains as renewed Mideast hostilities raise worries of prolonged conflict

FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. Hamad I Mohammed | ReutersOil prices extended gains Tuesday, rising for a third straight day, hovering at six-week highs on worries over escalating Mideast tensions after the U.S. and Iran traded strikes over the weekend. Futures for international benchmark Brent crude for November delivery gained 0.20% at $97.20 a barrel. U.S. West Texas Intermediate futures for October advanced 1.07% at $92.56 per barrel.Stock Chart IconStock chart icon BrentThe U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. The Iranian Foreign Ministry, in a statement on Saturday, denounced the attacks on commercial vessels as a "war crime" and an act of "economic warfare.""This appears to be a major escalation and tensions have once again ratcheted higher," said David Morrison, senior market analyst at Trade Nation, noting that U.S. Energy Secretary Chris Wright had said it may prove impossible to reach a deal with Iran to prevent it obtaining a nuclear weapon.The tit-for-tat strikes over the weekend also helped to push gas prices higher, hitting record highs.Ten...