Brent Oil Surpasses $110 Amid Escalating Supply Concerns

Brent crude surged to $110 per barrel, its highest level since May, as tensions in major oil-producing regions intensify. The global benchmark rose 3.7%, marking a second consecutive weekly gain, fueled by persistent geopolitical risks and limited signs of imminent supply relief. Reports of ongoing conflict in Saudi Arabia and attacks on energy infrastructure in Ukraine and Russia have deepened market uncertainty. The last time prices reached this level was nearly five months ago, amid a brief reopening of the Strait of Hormuz, which now sees cargo volumes nearing pre-war levels. Despite this, prices remain elevated, complicating efforts by US President Donald Trump to curb energy costs ahead of the midterm elections. The administration faces mounting pressure as lawmakers push to block a proposed diesel release from Russia, a move seen as a way to bolster Moscow's war funding. Analysts are closely monitoring developments in the Persian Gulf, with concerns over potential conflict escalation growing.