Brent crude hits $110 for first time since May amid Iran tensions and Ukraine conflict

Brent crude oil prices crossed the $110 per barrel mark for the first time since May, driven by escalating geopolitical tensions in the Middle East and ongoing Russia-Ukraine hostilities. Attacks around the Strait of Hormuz and renewed military actions have heightened concerns about global energy supply disruption.

West Texas Intermediate (WTI) also recorded significant gains, with weekly increases exceeding 10%. The surge reflects investor anxiety over potential shipping disruptions in key energy corridors.

Goldman Sachs cautioned that crude prices could climb further to $120 per barrel if shipping disruptions intensify. Conversely, analysts noted that an easing of geopolitical tensions could push prices back towards $80 per barrel, underscoring the volatility tied to regional stability.