Oil prices extend gains, Brent stays above $100 a barrel on Mideast worries

JUST IN: Oil extends gains with Brent holding above $100 a barrel, as escalating Middle East tensions stoke fears of further supply disruption.

Brent crude is at a hundred and two dollars a barrel. WTI is near ninety seven, and the entire summer selloff has been erased.

What set it off was the US military destroying five Iranian oil tankers on Tuesday, after Iran tried and failed to hit an American warship. No Americans were hurt, but the oil market heard one thing loud and clear. Shipping in the Gulf is now a target.

Goldman Sachs is warning that if attacks on tankers keep intensifying, this goes to a hundred and twenty dollars. And the detail that made me sit up, the Wall Street Journal says Trump's own advisers have privately told him this conflict could run for the rest of his term. That is not a spike, that is a lifestyle.

Seven months into this war, the market has quietly stopped pricing a resolution. It is pricing permanence.

This is Sara White, reporting for HIT.