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Brent crude hits $110 for first time since May
Brent crude futures rose to $110 per barrel for the first time since May, amid escalating concerns over oil supplies due to the interception and destruction of a ballistic missile launched toward Yanbu, and increased attacks near the Strait of Hormuz in recent days. Meanwhile, U.S. crude also increased by 3.51%, reaching $101.41, as oil flows from the Gulf declined, indicating a potential slowdown in navigation recovery through the strait in the absence of a comprehensive political agreement. In Russia, the Ryazan refinery halted its operations following a drone attack, while the International Energy Agency announced the release of more than 20 million barrels of fuel into the market.
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