New Delhi, March 2 -- Global oil prices surged nearly 10% on Monday as the conflict in West Asia intensified and oil flows through the Strait of Hormuz remained disrupted, stoking fresh supply concerns.

The April contract of Brent on the Intercontinental Exchange surged over 10% to touch a high of $81.87 per barrel as markets opened on Monday.

At 6:26 AM, the contract was trading at $78.42 per barrel, higher by 7.56% from its previous close. The April contract of West Texas Intermediate was trading at $72.03 per barrel, higher by 7.30% from its previous close.

The jump in prices was widely expected after the US and Israel attacked Iran, assassinated the Iranian supreme leader Ali Khamenei on Saturday morning.

Iran retaliated by attack...