India, July 14 -- After initially extending yesterday's surge, crude oil prices have given back some ground over the course of the trading day on Tuesday but remain sharply higher.
Crude for August delivery was last seen trading at $79.08 a barrel, up $0.94 or 1.2 percent, after spiking as much as 4 percent earlier in the day.
The initial jump by crude oil prices came amid concerns about the escalating conflict between the U.S. and Iran, which contributed to crude oil futures skyrocketing by more than 9 percent on Monday.
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