New York, July 14 -- Oil prices are on the rise again as the interim peace agreement between Iran and the US frays, leading to renewed strikes between the two sides and dimming hopes of a durable peace in the region.

The critical Strait of Hormuz is again in the spotlight with US President Donald Trump bringing back the blockade of the strait and threatening to impose a 20 per cent fee on the transit of cargo.

Global benchmark Brent crude oil prices climbed to USD 86, while the US West Texas Intermediate rose to USD 80, their highest levels in a month.

Higher crude oil prices threaten gasoline prices that may have likely cooled last month as global crude oil prices dropped to pre-conflict levels after the signing of a memorandum of und...