Brent crude hits $110 for first time since May — SkimNews
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- Brent crude oil hit $110 per barrel during Friday trading, marking the international benchmark's first return to that level since May.
- Oil markets face sustained pressure from the concurrent U.S.-Iran and Russia-Ukraine wars, which the report describes as generating persistent shocks to the industry.
Why it matters: Brent crude has returned to $110 for the first time since May, a level last reached during a prior phase of Middle East tension, now being driven by supply shocks from both the U.S.-Iran and Russia-Ukraine wars simultaneously. The benchmark is back at the same threshold hit during the spring escalation.
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