Mumbai, May 4 -- Crude oil prices surged sharply last week, with WTI futures climbing above $110 per barrel to hit near four-year highs, as escalating US-Iran tensions raised fears of supply disruptions. Reports of potential US military action and continued naval blockade against Iran dampened hopes for a diplomatic resolution. UAE's decision to exit OPEC added to uncertainty over future supply dynamics. Oil was also supported as EIA noted that US crude oil inventories decreased by 6.2 million barrels during the week ending April 24. Global energy prices are expected to rise by approximately 24% this year, according to the baseline forecast, which anticipates that the most severe supply disruptions will end in May. World Bank's Commodity Ma...