New Delhi, June 1 -- Crude oil prices surged on Monday, 1 June, as renewed tensions in the Middle East reignited fears that global supply disruptions could persist for a longer period.

Benchmark Brent crude futures jumped $7.3 per barrel to hit the day's high of $97.79, recouping much of their recent losses and putting the contract on track for its first daily gain in four sessions. Meanwhile, US West Texas Intermediate (WTI) crude futures surged 8.4% to trade above $94.70 per barrel.

Oil prices had cooled in recent sessions after hopes emerged that the conflict in West Asia was moving toward de-escalation. However, those expectations faded following the latest escalation in the region, raising concerns that geopolitical tensions could ...