The prices of oil futures extended their gains on Thursday following a report that Iraq suspended the spot cargo of a million barrels in August to lower the volume of its exports. Earlier, the Houthi movement targeted the Greek tanker Sounion in the Red Sea and Lybia temporarily halted its production and exports due to the ongoing political conflict. West Texas Intermediate for October’s settlements jumped by 3.07% at 10:16 am ET to sell for $76.77 per barrel. Simultaneously, Brent for the same month’s deliveries soared by 2.61% to go for $80.65 per barrel.