Pakistan, July 17 -- Oil prices edged higher on Friday as escalating hostilities between the United States and Iran raised concerns over global energy supplies. Market sentiment was also affected by reports that Iran asked its Houthi allies to prepare for a possible closure of the Red Sea export route. The renewed tensions have increased fears of disruptions to key oil shipping lanes.

Brent crude futures rose 0.08% to $84.30 a barrel, while US West Texas Intermediate (WTI) gained 0.2% to $79.11 a barrel. Both benchmark contracts have climbed nearly 12% this week, with Brent heading for a third straight weekly gain and WTI on course for its second consecutive weekly increase.

Read more: Petroleum prices likely to rise in next review

Ana...