New Delhi, May 4 -- Crude oil prices resumed their upward march in Monday's trade, May 4, snapping a two-day losing streak after reports emerged that a tanker was hit by unknown projectiles in the Strait of Hormuz, shortly after the United States said it was ready to "guide" commercial ships through the key waterway.

A US warship attempting to pass through the Strait of Hormuz was turned back after allegedly ignoring Iran's warning, Iran's Fars news agency reported on Monday, citing local sources, while adding that two missiles struck it when it was sailing near Jask, according to a Reuters report. However, the claim could not be independently verified.

Tracking the news of attacks, benchmark US crude rebounded by as much as $8.3 per ba...