SINGAPORE: Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days. US West Texas Intermediate crude futures rose $1.24, or 1.8 percent, to $70.50 a barrel by 2229 GMT after settling up 0.95 percent in the previous session. Brent crude, which will roll to the January contract, has yet to start trading. The December contract which expired on Thursday closed 0.85 percent higher at $73.17.