Brentcrude oil prices hit $110 for first time since May as Iran attacks continue, Ukraine eyes Russia energy infra
Brent crude surpassed $110 per barrel as escalating attacks around the Strait of Hormuz and renewed Russia-Ukraine hostilities heightened global supply concerns. WTI also surged, recording weekly gains above 10%. Goldman Sachs warned prices could reach $120 if shipping disruptions worsen, while easing tensions could bring crude towards $80.
Brent crude oil prices surged to $110 per barrel on Friday, marking their highest level since May, as Iran's attacks intensified in the Strait of Hormuz and Houthi militants targeted Saudi Arabia. Meanwhile, Ukraine announced a return to strikes on Russian energy infrastructure, exacerbating concerns over global energy supplies.
Saudi Arabia intercepted several missiles over the Red Sea and destroyed drones in Riyadh and its southern regions. Aramco's administrative building in Dhahran was hit on Tuesday, and the Houthis attacked Riyadh's international airport on October 10, resulting in casualties. At least nine tankers and cargo ships have been attacked since Sunday as Iran attempts to disrupt oil exports through the strategic waterway.
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