US-Iran war, July 15 -- Oil prices have witnessed sharp swings over the past two weeks, easing to below $72 a barrel and offering markets some relief before rebounding strongly to surpass $85 a barrel amid the ongoing US-Iran war.

Brent Crude futures jumped more than 18% from its early July, reaching around $87 a barrel, its highest level in more than a month. On the other hand, WTI (West Texas Intermediate) also rallied sharply, rebounding to nearly $80 a barrel.

On Wednesday, oil prices continued to rise after President Donald Trump reinstated a naval blockade on all Iranian ports, while Tehran responded by launching strikes on US infrastructure in the region.

Brent crude futures were up 58 cents, or 0.7%, at $85.31 per barrel, while...