Global oil prices rose by more than 4 percent amid escalating tensions in the Gulf region

Global oil prices rose by more than 4 percent in trading on Friday, recording their highest levels in more than a month.

Prices achieved a noticeable jump upon settlement, as Brent crude futures rose by $3.87, equivalent to 4.59 percent, to record $88.10 per barrel.

US West Texas Intermediate crude futures rose by $3.54, or 4.48 percent, to reach $82.49 per barrel.

Both crude oils recorded their highest levels since mid-June, achieving weekly gains of about 16 percent, as Brent crude is heading towards achieving its third weekly gain in a row, while US crude is heading towards recording its second weekly gain.