Oil prices extended gains today, fueled by concerns over potential disruption to exports from the major oil-producing region amid escalating conflict in West Asia.

In the global crude market, Brent crude was trading more than one and a half per cent up at 79 dollars and 44 cents per barrel and the U.S. West Texas Intermediate (WTI) was trading nearly two per cent up at 75 dollars and 84 cents per barrel when reports last came in.