New york: Crude oil prices surged by more than seven percent today, following threats by US President Donald Trump to initiate new strikes on Iran.

According to Qatar News Agency, Brent crude futures increased by $5.93, or 8 percent, reaching $80.09 a barrel, marking their highest level since June 22. Similarly, US West Texas Intermediate crude rose $5.25, or 7.5 percent, to $75.69 a barrel, also hitting its highest point in over two weeks.

The escalation in the Middle East has reignited concerns about the passage of oil tankers through the Strait of Hormuz, particularly after reports of ships being hit near the strait. This development follows a recent ceasefire agreement between the United States and Iran, which had previously led to oil prices falling back to pre-conflict levels.