Pakistan, March 7 -- Global oil prices surged sharply on Friday as escalating conflict in the Middle East disrupted energy supplies and forced buyers to seek alternative crude sources. The surge follows the effective closure of the Strait of Hormuz, a critical shipping route responsible for transporting a significant portion of the world's oil.

Benchmark Brent crude settled at $92.69 per barrel, rising $7.28 or 8.52 percent during the trading session. Meanwhile, West Texas Intermediate crude (WTI) climbed even higher, gaining $9.89 or 12.21 percent to close at $90.90 per barrel. It marked the second consecutive day that US crude posted stronger gains than Brent as buyers increasingly turned to American supplies.

Analysts said the diver...