Oil prices extended gains as traders monitor geopolitical developments, with Brent crude and WTI both rising 0.9% to $62.57 a barrel and $58.33 a barrel, respectively.
The benchmarks settled more than 3% higher in the previous session and are now on track for solid weekly gains, supported by President Donald Trump’s warning that the U.S. would hit Iran “very hard” if the government there violently suppresses protesters.
Sentiment was further lifted by a U.S. congressional bill that would allow for hefty sanctions against buyers of sanctioned Russian oil. Meanwhile, markets await a Friday meeting between Trump and American oil executives to discuss investments in Venezuela’s oil sector.
