 "India stands to lose 3,00,000 bpd of crude oil supply from Iran, and 4,00,000 bpd from Venezuela")
Oil prices shot more than 2 per cent higher on Monday, with Brent rising above $70 a barrel, after US President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East.
Brent crude futures soared to a high of $70.27 a barrel at 0222 GMT, up $1.67, or 2.4 per cent, from Friday's settlement.
US West Texas Intermediate crude was at $64.39 a barrel, up $1.34, or 2.1 per cent, after touching $64.44 earlier, the highest since April.
The gains extended Friday's more-than-3 per cent surge after a US air strike in Iraq killed
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