Oil prices have risen in global markets due to renewed military tensions between the United States and Iran.

Driven by fears of disruptions to oil supplies from the Middle East, crude oil prices are hovering near weekly highs.

This information was reported by Al Jazeera on Friday (September 4).

According to the report, at the start of trading on Friday, Brent crude prices increased by 15 cents or 0.2 percent to stand at $95.67 per barrel.

During the same period, US benchmark West Texas Intermediate (WTI) crude prices rose by 26 cents or 0.3 percent to $91.56 per barrel.

Over the past week, Brent prices have increased by 7.1 percent, while West Texas Intermediate crude prices have gone up by 9.8 percent.

This has created the possibility of the largest weekly surge in oil prices this week since mid-July.

Concerns over Middle Eastern oil supplies are growing as renewed conflict intensifies between the US and Iran.

In particular, uncertainties surrounding the vital Strait of Hormuz are placing additional pressure on the oil market. Oil prices had already hit a six-week high on Thursday.

Earlier on Tuesday, when the new US-Iran conflict erupted, Brent prices jumped 4.6 percent in a single day, while West Texas Intermediate crude prices rose 5.2 percent.

It is apprehended that if the conflict in the Middle East prolongs, further disruptions to oil supplies could occur.

This could drive up fuel prices in international markets and escalate inflationary pressures on the global economy.