Oil prices surge to multi-month highs

U.S. West Texas Intermediate (WTI) futures posted a larger increase than Brent crude, as growing concerns over Middle East supplies prompted investors to turn to U.S. oil as an alternative source.

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

Both benchmarks reached their highest settlement levels since May 19, reflecting heightened concerns over potential disruptions to global oil supplies.

Earlier, Qazinform reported oil prices had risen more than 1% on Tuesday.