Oil extends climb on Iran supply disruption concerns

Oil prices extended gains on Tuesday as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela. Brent futures rose 22 cents, or 0.3%, to $64.09 a barrel by 0430 GMT, hovering near a two-month high struck in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.4%, to $59.73. “The price increase comes amid intensifying protests in Iran, raising the possibility of some form of intervention by the US,” ING commodities strategists said on Tuesday. Iran, one of the biggest producers of the Organization of the Petroleum Exporting Countries, is facing its biggest anti-government demonstrations in years, drawing a warning from US President Donald Trump of possible military action over lethal violence against protesters.