4 Hrs
Source:
CNN Arabic
Oil reaches $110 a barrel after 5 months
Global oil prices have risen significantly, with the futures price of oil reaching $110 per barrel for the first time since May, threatening to drive up gasoline and diesel prices ahead of the U.S. congressional elections. The surge is attributable to renewed concerns over oil and fuel supplies amid increasing Iranian attacks on ships in the Strait of Hormuz and expectations of Trump returning to the option of full-scale war, along with fears of attacks on energy infrastructure in the Middle East. Brent crude hit $109.57, up 3.7%, while gasoline prices remain at historic high levels, with the national average reaching $4.33 per gallon.
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