India, July 8 -- Global oil markets rallied sharply on Wednesday as renewed military tensions in the Middle East reignited fears of supply disruptions through one of the world's most critical energy corridors. The rally also weighed on the Indian rupee, which weakened against the US dollar amid rising concerns over higher crude import costs.

Brent crude futures climbed more than 6% to around $78.8 per barrel, while US benchmark West Texas Intermediate (WTI) crude surged over 6% to nearly $75 per barrel, extending gains after escalating geopolitical developments rattled commodity markets.

The sharp move followed fresh US military strikes on Iranian targets after attacks on commercial vessels transiting the Strait of Hormuz, a strategic c...