New Delhi, May 8 -- Global oil prices climbed on Friday morning after US and Iranian forces exchanged fire at the Strait of Hormuz, the first such flare-up since the ceasefire announcement on 7 April.

At 7:50 am, the July Brent contract on the Intercontinental Exchange was trading at $101.58 per barrel, up 1.52% from its previous close. The June West Texas Intermediate (WTI) contract on NYMEX rose 1.95% to $96.66 a barrel.

The fresh skirmish occurred at the Strait of Hormuz on Thursday.

According to an Al Jazeera report, a spokesperson for Iran's Khatam al-Anbiya military headquarters said the US targeted two Iranian vessels - an oil tanker travelling in coastal waters from Jask port in Iran towards the Strait of Hormuz and another ves...