New York: Global oil prices rose further amid escalating tensions between the United States and Iran, with Murban crude surging 7.5% to $118 per barrel.
Murban crude was trading at $118 a barrel in the international market following the sharp increase.
Brent crude also gained $3, taking its price to $101 per barrel.
US West Texas Intermediate (WTI) crude rose by $1 to reach $97 per barrel.
The latest rise in global oil prices comes amid heightened tensions between Washington and Tehran.
