India, July 8 -- Oil prices jumped sharply on Wednesday after fresh tensions between the US and Iran raised fears that global oil supplies could be affected. The latest rise came after the US carried out military strikes on Iran, increasing worries that the conflict could become bigger. The fighting has put pressure on the fragile ceasefire between the US and Iran that had earlier helped calm global oil markets.

Brent crude, the global oil benchmark, rose by more than 3% on Wednesday after falling to pre-war levels earlier. Brent crude futures for September reached $76.48 per barrel by 06:30 GMT, the highest level since June 23. According to CNBC, Brent crude later climbed even higher, rising nearly 6% to around $78.55 per barrel.

US cr...