New Delhi, July 22 -- Crude oil prices extended their sharp rally on Wednesday as hopes of diplomatic progress between the US and Iran faded, while mounting disruptions to global oil supplies added to bullish sentiment.

Brent crude futures climbed above $95 a barrel for the first time since June 11, rising $4.43, or 4.87%, to $95.44.

Iran stated that no formal negotiations with the US are currently underway, saying only an exchange of messages remains possible, according to the Mehr news agency.

The comments followed US President Donald Trump's warning that Washington would respond if Iran-backed Houthi rebels disrupted shipping in the Red Sea. Trump also repeated threats to target Pickaxe Mountain, a site believed to be linked to Iran...