New York [US], September 16: 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 settled up $3.07, or 2.9%, at $108.75 per barrel, while US WTI futures jumped $4.44, or 4.38%, to finish at $105.83 per barrel. Both contracts reached their highest settlement levels since May 19.
Source: Emirates News Agency
