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Commodities

Oil Prices Soar Amid Supply Concerns and Strait of Hormuz Uncertainty

Guavy AI Editorial Team
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Oil
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Oil prices surged to multi-month highs on Tuesday, driven by mounting supply concerns and uncertainty over the reopening of the Strait of Hormuz.

Gains in US West Texas Intermediate (WTI) futures outpaced Brent as supply fears in the Middle East prompted investors to snap up American crude as an alternative.

The price of Brent crude futures stood at $107.84 per barrel, while US WTI futures was at $104.89 per barrel as of 9:47 am in Tokyo on Wednesday (Sept. 16).

Both contracts reached their highest settlement levels since May 19, with Murban Crude down to $123.76 per barrel or 3.13%.

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