New York. Crude oil prices have surged sharply in the global market. The rise in oil prices on Friday follows escalating tensions between Iran and the United States in the Strait of Hormuz. The oil market has been rattled as both nations engage in a standoff involving the targeting of vessels passing through the strait. In Friday morning trading, the international benchmark, Brent crude, surpassed $106 per barrel.On Friday, Brent crude traded at $106.80, marking an increase of nearly 5 percent from Wednesday's closing price. On Wednesday, Brent prices had crossed the $100 mark for the first time in two...