Crude futures with June delivery traded 3.5% higher at $115.13 per barrel during mid-morning deals in Europe, extending gains after notching its seventh consecutive positive session on Tuesday.
Futures with June delivery rose 3.7% to $103.69 per barrel. The WTI contract, which settled up 3.7% in the previous session, has racked up gains of more than 49% since the U.S. and Israeli-led war against Iran started on Feb. 28.
The latest move higher comes amid reports that the U.S. will look to extend its blockade of Iranian ports, deepening fears of prolonged disruption through the strategically vital Strait of Hormuz.
Hossein Amiri - Mojtaba Darabi
