Brent crude oil price rose on Tuesday by 4.19 percent to $86.79 per barrel, highest since June 12.
The US West Texas Intermediate surged by 3.16 percent to $80.61 a barrel.
The surge came after the US reimposed a naval blockade of Iran and renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.
On July 12, Iran said it closed the Strait of Hormuz after its forces fired a naval cruise missile at a vessel it accused of sailing through an unauthorised route.
One month ago, global crude oil price dropped to $82 a barrel as the United States, Israel, and Iran reached a deal to end the Middle East war on all fronts including Lebanon, and reopen the vital Strait of Hormuz.
Following the development, the Federal Competition and Consumer Protection Commission (FCCPC) accused oil marketers
