New Delhi, July 8 -- Global oil prices surged sharply on Wednesday, with Brent crude briefly climbing above $80 per barrel for the first time since June 22, as escalating geopolitical tensions in the Middle East reignited concerns over global energy supplies.

09 GMT, the benchmark contract was trading at $79.93 per barrel, up 7.78%, after briefly crossing the psychologically significant $80 threshold earlier in the day. West Texas Intermediate (WTI) crude for August delivery also posted strong gains, rising 7.27% to $75.56 per barrel.

The rally marked one of the strongest single-day advances in crude prices in recent months and reflected growing fears that renewed instability in the Middle East could disrupt global oil supplies. Market ...