Global oil prices surged over 2% on Friday as tensions between the U.S.and Iran escalated, with fears of a potential Red Sea closure adding to market volatility.Brent crude futures climbed $1.77 to $86 per barrel, while U.S.West Texas Intermediate (WTI) rose $1.91 to $80.86.The surge follows intensified attacks in the Gulf and threats to disrupt shipping routes through the Strait of Hormuz and Bab al-Mandab.Analysts note that restricted traffic through Hormuz, combined with Iran’s strikes on oil infrastructure, has tightened global fuel markets.Diesel refining margins hit record highs as Middle Eastern exports face supply constraints.Iran warned of further escalation, including attacks on U.S.facilities in Syria, while the U.S.launched new strikes to degrade Iranian military capabilities.International Energy Agency chief Fatih Birol expressed concern over ongoing instability, urging vigilance amid fears of prolonged disruptions.Qatar and Kuwait reported casualties from Iranian missile attacks, highlighting the regional impact of the conflict.