Doha:Oil prices have surged more than 2 percent, reaching their highest settlement levels since late April, as market participants express growing concerns over escalating tensions in the Middle East.

According to Qatar News Agency, Brent crude futures for December delivery, which expired today, increased by $2.76, or 2.4 percent, closing at $117.64 per barrel after reaching a high of $118. The more actively traded January Brent contracts also saw a rise of $2.63, settling at $113.43 per barrel.

In the U.S., West Texas Intermediate (WTI) crude futures experienced a gain of $2.12, or 2.08 percent, closing at $104.12 per barrel. On a monthly basis, Brent crude noted an increase of 13.6 percent, while WTI saw a rise of 15.2 percent.