NEW DELHI, July 8 -- Oil markets jumped on Wednesday Oil after the US reinstated sanctions on Iranian oil and President Donald Trump declared the ceasefire and memorandum of understanding (MoU) with Iran effectively over, reviving fears of renewed conflict in West Asia and fresh disruptions to global energy supplies.

The developments put Indian refiners and global oil traders on alert as markets assessed the risk of further escalation around the Strait of Hormuz, a key artery for global crude shipments.

Speaking in Ankara ahead of a NATO summit, Trump said he had no interest in engaging further with Iran, signalling that the diplomatic opening created by the 18 June MoU had effectively collapsed.

"To me, I think it's over. I don't want...