Global crude oil prices experienced a noticeable surge on Friday, driven by supply and demand dynamics and ongoing geopolitical concerns, particularly the crisis in the Strait of Hormuz. According to reports, markets saw an increase of over $3 per barrel. Brent crude futures breached the $108 per barrel mark, while US West Texas Intermediate (WTI) crude contracts rose to $104 per barrel. This renewed upward trend is attributed to escalating anxieties regarding the stability of global energy supplies amid current tensions, which directly impacts energy market volatility and drives prices higher.