Commodities
Oil Prices Rally to Multi-Month Highs Amid Supply Concerns
Oil prices surged to multi-month highs on Tuesday, driven by mounting supply concerns and uncertainty over the Strait of Hormuz's reopening. The Brent crude futures settled up $3.07, or 2.9%, at $108.75 per barrel, while US West Texas Intermediate (WTI) futures jumped $4.44, or 4.38%, to finish at $105.83 per barrel.
The gains were the highest since May 19, with investors snapping up American crude as an alternative due to supply fears in the Middle East. The rally was led by US WTI futures, which outpaced Brent crude futures.