Oil prices extend gains on escalating Middle East hostilities

July 20 : 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 the U.S. and Iran restricted oil shipments through the Strait of Hormuz.Brent crude futures were up $1.03, or 1.17 per cent, at $89.13 a barrel by 0751 GMT, touching their highest since June 11 and extending last week's hefty 15.9 per cent gains. That was Brent's biggest weekly gain since April.U.S. West Texas Intermediate crude rose 65 cents, or 0.79 per cent, to $83.14, its loftiest level since June 12. Front-month prices had gained 15.5 per cent last week for the largest weekly ascent since early March.DROP IN TANKER TRAFFIC FROM GULF "The oil market is again tightening in my view, which is likely to keep oil prices supported," said UB