Oil prices rallied today rising for a fifth consecutive session on expectations of a widening Middle East conflict. The U.S. Defense Department said over the weekend that it will send a guided missile submarine to the Middle East as the region braces for chaos. “We’re piling assets one on top of the other and giving the impression that, if this turns hot, it could also turn ugly,” said Bob Yawger, director of energy futures at Mizuho in New York. Such an assault could lead the United States to place embargos on Iranian crude exports, potentially affecting 1.5 million barrels per day of supply, Yawger added. Three U.S. central bankers said last week that inflation appeared to be cooling enough for the Federal Reserve to cut interest rates as soon as next month. Rate cuts tend to raise economic activity, which increases the use of energy sources such as oil. WTI traded up $3.22 or 4.2% to close at $80.06. Brent traded up $2.64 or 3.3% to close at $82.30.