US-Iran war, April 20 -- Oil prices surged over 6% on Monday, recovering from a steep drop of more than 9% on Friday, after reports that the Strait of Hormuz had been shut once again. The closure followed mutual accusations from the US and Iran of breaching their ceasefire by attacking on ships over the weekend.

Brent crude futures climbed $6.11, or 6.76%, to reach $96.49 per barrel by 2327 GMT, while US West Texas Intermediate rose $6.53, or 7.79%, to $90.38 a barrel.

Back home, crude oil prices also followed the similar upward movement, tracking global rates. MCX crude oil prices jumped 6% to Rs.8,233 per barrel.

The US military intercepted and took control of an Iranian cargo vessel that attempted to breach its blockade, US Presiden...