Crude oil prices gained close to three per cent today on renewed concerns that an escalating Gaza conflict could disrupt regional oil supplies, extending gains from Friday when the prospect of US interest rate cuts lifted the global economic and fuel demand outlook.

The global oil benchmark Brent crude is trading at 2.64 per cent up to 81 dollars and 11 cents per barrel. The U.S. West Texas Intermediate (WTI) is also trading up 2.86 per cent to 76 dollars and 97 cents per barrel when reports last came in.