Oil prices surge to multi-month highs

NEW YORK: Oil prices rallied by roughly three dollars at Tuesday's settlement, driven by mounting supply concerns and ongoing uncertainty regarding 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.

Brent crude futures stood at $107.84 per barrel, while US WTI futures was at $104.89 per barrel as of 9.47am in Tokyo on Wednesday (Sept. 16). Both contracts reached their highest settlement levels since May 19. Murban Crude was down to $123.76 per barrel or 3.13%.