Brent Climbs to $110 as Attacks Threaten Global Oil Flows

Brent crude touched $110 a barrel Friday for the first time since May as Iran escalated attacks near the Strait of Hormuz and Ukraine threatened renewed strikes on Russian refineries, adding pressure to global oil supplies.

Brent futures settled at $109.86, up 3.7%. U.S. West Texas Intermediate (WTI) crude finished at $101.41, up 3.5%. Over the week, WTI climbed more than 10% and Brent gained nearly 5%.

At least nine tankers and cargo ships have come under attack near Hormuz since Sunday. Shipments through the strait averaged 9.4 million barrels per day in the week ended Wednesday, about 70% of the average before the Iran war.

Ukrainian President Volodymyr Zelenskyy said Kyiv would resume strikes on Russian refineries as attacks on Ukrainian infrastructure continued, undercutting an energy ceasefire effort President Donald Trump had tried to broker. U.S. diesel averaged $6.33 a gallon Friday, more than 70% above the same period a year earlier.