Oil prices rose sharply on Friday as tensions escalated in the Middle East, with the US launching more attacks on Iran, raising concerns over energy supply flows through the Strait of Hormuz. Global benchmark Brent crude rose 7.8% to $109.03 a barrel after breaking above $111 a barrel. At the same time, WTI crude oil futures for near-term delivery next month recorded their largest-ever premium over second-month contracts, rising 11.41% to $111.54. Earlier in the session, US crude had crossed $ 113 per barrel. Meanwhile, the spot price of Brent crude for immediate physical delivery rose even further to $141.36, the highest level since the 2008 financial crisis, according to S&P Global data cited by CNBC. Spot prices reflect demand for cargo scheduled for delivery within the next 10 to 30 days.The latest surge builds on an earlier rally in oil markets, which saw prices move sharply during the previous session. Prices had initially fallen as traders reacted to uncertainty ahead of Donald Trump’s national address, but recovered after his comments did nothing to ease concerns over the Strait of Hormuz. Earlier in the day, Brent crude fell $1.16 to $100 a barrel, while US West Texas Intermediate fell $1.41 to $98.71. Sentiment later changed, with Brent rising more than 4% to $106 and WTI rising 3% to $103 after the speech.It comes as Iran continues to block the Strait of Hormuz, disrupting shipping flows through the strategically important route that normally handles about a fifth of global oil trade during peacetime.The ongoing US-Israeli war over Iran, now nearing the end of its fifth week, has removed millions of barrels per day from global supply, sending energy prices to their highest levels in several years and creating fuel shortages in countries dependent on oil and gas shipments through the now-blocked Strait of Hormuz.About 20% of global oil flows through strategic chokepoints. In a Wednesday evening address, Trump vowed to hit Iran “very hard” in the coming weeks, but did not outline a plan to reopen the strait, instead suggesting that other countries should take responsibility for restoring shipping access.