India, June 25 -- Partially offsetting the losses from four previous sessions, crude oil prices have surged on Thursday as supply disruption threats reappear following a projectile hit on a cargo ship near Oman across the Strait of Hormuz.
WTI Crude Oil for August month delivery was last seen trading up by $1.49 (or 2.12%) at $71.83 per barrel.
After last Wednesday's signing of Memorandum of Understanding between the U.S. and Iran, which offered both countries a 60-day period for peace talks, a high-level team comprising negotiators from both nations met in Switzerland to discuss a framework for future negotiations.
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