How to Convert OST Emails to MSG Format in Outlook?

I have a large number of emails saved in an OST file from my old Outlook account, and I need to convert them into MSG format for backup and easy access. Unfortunately, Outlook does not seem to provide a direct option for this conversion. Can anyone please guide me on how to convert OST emails to MSG files without losing email data or formatting? I am open to both manual and automated methods. If there’s any reliable third-party tool that can simplify the process, please suggest that too.