Brent oil touches $110 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries
U.S. crude oil prices rose sharply Friday as Iran escalated attacks in the Strait of Hormuz this week.
TL;DR
- Brent crude futures hit $110 per barrel, and WTI settled at $101.41 on Friday.
- Iran-allied Houthi militants fired missiles at Saudi Arabia, including one targeting the Yanbu oil export terminal.
- Iran has attacked at least nine tankers and cargo ships in the Strait of Hormuz since Sunday, sinking one vessel.
- Ukraine intends to resume strikes on Russian refineries in retaliation for continued attacks on its infrastructure.
- Diesel prices have surged over 70% compared to last year due to these conflicts.
- U.S. crude oil inventories declined due to production shut-ins from Hurricane Isaias.