Global oil prices rose sharply on Friday following renewed military tensions between the United States and Iran. In early trading in the US market, crude prices increased by up to 3 percent. The latest international market data showed West Texas Intermediate (WTI) crude climbing 2.58 percent, or 2.45 dollars, to reach 97.26 dollars per barrel.

The price surge came after reports of clashes between US and Iranian forces in the strategic Hormuz Strait on Thursday. Iran accused the United States of violating a ceasefire by attacking two of its ships and later bombing civilian areas along its coast. The incident triggered immediate volatility in the global energy market.

Market analysts warned that continued instability in the Hormuz Strait, a key maritime route for global oil transport, could disrupt energy supplies and push prices even higher if tensions persist.