Sri Lanka, July 10 -- Global oil prices rose sharply on Wednesday as renewed fighting in the Middle East and fresh United States sanctions on Iranian oil exports heightened concerns over global energy supplies and inflation.
Brent crude futures gained about 2% to US$75.60 a barrel as investors reacted to renewed geopolitical tensions despite a ceasefire framework agreed last month. The increase in oil prices also weighed on global bond markets, with the yield on the benchmark 10-year US Treasury note rising to a one-month high of 4.565% amid fears of higher inflation.
Market analysts said investors remain cautious as the latest US strikes on Iranian military targets and Washington's move to withdraw a concession allowing Iran to sell oil ...