India, July 8 -- Global oil prices rose sharply on Wednesday after fresh military action between the United States and Iran raised concerns over crude oil supplies through the Strait of Hormuz. The US carried out military strikes against Iran following attacks on commercial vessels in the Strait of Hormuz. The renewed conflict raised fears that oil supplies could be disrupted, pushing global crude prices higher. Brent crude climbed more than 3%, while investors closely watched developments that could affect global energy markets and shipping routes.

30 GMT, Brent crude futures for September delivery were trading at $76.48 per barrel, their highest level since June 23. The rally reversed recent declines that had taken oil prices back to l...