SINGAPORE – Brent crude futures rose $2.34 a barrel, or 3.08 percent, to $78.35 a barrel, while U.S. West Texas Intermediate crude rose $2.21, or 3.09 percent, to $73.62 a barrel.

Brent crude futures rose $2.34, or 3.08%, to $78.35 a barrel, while US West Texas Intermediate (WTI) crude gained $2.21, or 3.09%, to $73.62 a barrel.

The renewed escalation has raised fresh uncertainty over the future of the interim agreement reached between the United States and Iran last month, which was intended to reopen the Strait of Hormuz and pave the way for ending the conflict after a further 60 days of negotiations.

According to the International Energy Agency (IEA), global oil supply increased by 4.1 million barrels per day in June following the agreement. However, production remained around 9.4 million barrels per day below pre-war levels, the agency said in its latest monthly report released on Friday.