Crude oil prices shot up sharply, reportedly after the US President Donald Trump sought what he called "unconditional surrender" from Iran, intensifying worries about a prolonged conflict that could disrupt global energy supplies.
The oil supply update by the minister attaches importance, given that the international oil prices shot up sharply post the early morning attack on Iran by Israel. At the time of filing this report, crude oil WTI futures were trading 6 per cent higher at USD 72.04 per barrel.