Pakistan, July 29 -- Global oil prices increased by more than $3 a barrel on Wednesday following rising tensions between the United States and Iran. The surge came after strikes in Iraq and reported missile activity in the Middle East. Investors feared possible disruptions to regional energy supplies.

Brent crude futures rose $3.30, or 3.9%, to $87.39 per barrel. Meanwhile, US West Texas Intermediate crude increased $3.05, or 3.8%, to $82.31 per barrel. Market sentiment weakened as geopolitical risks increased.

Read more: Crude oil drops to $81 as global prices ease

According to analysts, renewed tensions followed reports of attacks involving US forces and Iran-backed groups in the region. ING analysts said expectations for a quick red...