Muscat: Oil prices extended gains today, with Brent headed for a record monthly rise, amid escalating military tensions in the Middle East. Brent crude futures jumped $2.43, or 2.16%, to $115 a barrel after settling 4.2% higher on Friday. US West Texas Intermediate (WTI) crude also rose to $101.50 a barrel, up $1.86, or 1.87%, after climbing 5.5% in the previous session. Brent has soared 59% during March, the steepest monthly jump, exceeding gains, amid disruptions to supplies through the Strait of Hormuz, a conduit for a fifth of the world's oil and gas supplies.

According to Oman News Agency, the escalation of military tensions in the Middle East has led to significant concerns over the stability of oil supplies. The Strait of Hormuz, a strategic passageway for a substantial portion of the world's oil and gas shipments, has been notably affected, causing disruption fears that have contributed to the recent price surges. The current situation underscores the vulnerability of global energy markets to geopolitical developments in key regions.