New Delhi, July 14 -- Brent crude oil prices have climbed above $86 per barrel on Tuesday for the first time since June 12. This sharp rally as fresh geopolitical tensions in West Asia heightened concerns over oil supplies from the Persian Gulf.
The global benchmark was up nearly 10 per cent on Monday before extending gains by as much as 3.6 per cent on Tuesday.
During the brief gap between the two US naval blockades, Iran exported at least 57 million barrels of crude.
After the negotiations over the peace had began, the oil prices had previously erased all of their wartime gains and came back to its normal level. However, the renewed blockade threatens to curb Iranian exports once again.
The renewed crude oil prices have also affected ...