India, Sept. 15 -- Oil prices rose sharply on Tuesday amid fears of a tightening oil market after Saudi Arabia closed a critical pipeline that bypasses the Strait of Hormuz following a drone attack.
Adding to concerns over global supplies, a highly anticipated meeting in Oman between Iran and Gulf States was postponed at the last minute in the absence of conditions conducive to a constructive dialogue.
Brent crude futures jumped 2.4 percent to $108.23 a barrel while WTI crude futures soared 2.6 percent to $104 a barrel.
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