Oil up nearly 1% as US and Iran trade fresh strikes

Sept 2 : Oil prices rose nearly 1 per cent in early trade on Wednesday, extending the previous session's surge, as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.Brent crude futures rose 87 cents, or 0.92 per cent, to $95.52 a barrel by 0008 GMT, while U.S. West Texas Intermediate crude futures climbed 80 cents, or 0.89 per cent, to $91.02. Both contracts soared more than $4 on Tuesday, marking Brent's largest gain since July 24 and WTI's largest since July 23.The United States said it had launched a series of airstrikes against targets in Iran overnight, prompting an Iranian response, in the most serious escalation of the conflict between the two countries in weeks."The strike