[MARKET UPDATE] Oil prices extend on gains as European participants get to their desks and digest overnight headlines including Iran targeting neighbouring energy infrastructure and refuting reports of contacts with the US in recent days

The extension of gains in oil prices reflects heightened concerns regarding geopolitical tensions in the region, particularly Iran's actions toward neighboring energy infrastructure. This situation may signal increased risk premiums in the oil market, potentially impacting inflation and foreign exchange dynamics, particularly for currencies tied to commodity exports.