Pakistan, July 18 -- Escalating tensions between the United States and Iran have pushed global oil prices to their highest levels in several months, while stock markets around the world faced selling pressure amid growing concerns over energy supply disruptions.

Read More: Petroleum prices likely to rise in next review

Oil prices surged by nearly 4 per cent on Friday, with investors reacting to renewed military exchanges between Washington and Tehran and fears that the conflict could further expand across the Middle East.

The international benchmark Brent crude rose by $3.10, or 3.68 per cent, reaching $87.33 per barrel, marking its highest level in recent months. Meanwhile, US benchmark West Texas Intermediate (WTI) increased by $3.14...