Brent touches US$110 for the first time since May on Middle East tensions

Attacks around Hormuz have intensified over the past ten days, with Iran saying it is responding to the US blockade of its ports and tougher sanctions imposed last month Brent crude reached US$110 a barrel on Friday for the first time since May, driven by fears that escalation in the Middle East could further tighten supplies and by doubts over how much diesel Russia can supply to the market. Brent settled 3.7% higher at US$109.86, its highest since May 19, while US benchmark WTI rose 3.5% to US$101.41.

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