Oil Prices Soar on Strait of Hormuz Uncertainty

Oil prices surged to multi-month highs on Tuesday's settlement, driven by mounting supply concerns and uncertainty over the reopening of the Strait of Hormuz. According to Qazinform News Agency, citing WAM, oil prices rose around $3 per barrel.

The US West Texas Intermediate (WTI) futures posted a larger increase than Brent crude, as growing concerns over Middle East supplies prompted investors to turn to US oil as an alternative source. Both benchmarks reached their highest settlement levels since May 19.

Brent crude futures rose $3.07, or 2.9%, to settle at $108.75 per barrel, while US WTI futures jumped $4.44, or 4.38%, to close at $105.83 per barrel.