New Delhi, July 13 -- Oil prices jumped on Monday as Iran attacked Gulf states in response to US strikes in Tehran. Consequently, Brent Crude stood at USD 79.17, reflecting a rise of USD 3.16, or 4.16 per cent, at the time of filing. At the same time, crude oil stood at USD 74.47, gaining USD 3.06 or 4.29 per cent.

The price movement followed a wave of military actions that disrupted the critical Strait of Hormuz maritime corridor, heightening concerns over global energy supplies.

The escalation triggered widespread regional instability, drawing sharp condemnation from the Organization of Islamic Cooperation (OIC) and triggering formal diplomatic protests as the standoff on the Strait of Hormuz continues.

In a statement issued on Sunda...