Oil prices rise more than 1% on escalating US-Iran tension. More upside ahead?

Oil prices jumped nearly 1.5% on Thursday, extending their bull run to the third consecutive day amid growing fears that the U.S. could launch a military strike against Iran, a major Middle East crude producer, potentially disrupting regional oil supplies.

Brent crude futures advanced 99 cents, or 1.5%, to $69.39 a barrel, while U.S. West Texas Intermediate crude rose $1.06, or 1.7%, to $64.27 a barrel. Both benchmarks are up around 5% since Monday and are trading at their highest levels since September 29.