Mumbai/IBNS, April 20 -- Oil prices surged over 5 percent on Monday after Iran once again shut the Strait of Hormuz amid escalating tensions in West Asia, media reports said.

US President Donald Trump said a U.S. Navy blockade of Iranian ports remains in effect, according to a report by The Hindu.

U.S. benchmark crude surged 5.6 percent to $87.20 per barrel, while the international benchmark Brent crude rose 5.3 percent to $95.16 per barrel.

The Indian stock market remained volatile amid rising crude prices and geopolitical uncertainty.

Meanwhile, the NSE Nifty 50 also witnessed fluctuations despite initial gains in the morning session.

Early momentum was largely driven by banking heavyweights such as HDFC Bank and ICICI Bank.

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