Brent crude oil prices hit $110 for first time since May as Iran attacks continue, Ukraine eyes Russia energy infra

Brent crude oil prices have reached $110 per barrel for the first time since May. This significant increase is largely due to ongoing attacks around the Strait of Hormuz and renewed hostilities between Russia and Ukraine, which have heightened concerns about global oil supply. The surge in prices is also affecting US oil, with WTI recording weekly gains above 10%. If shipping disruptions worsen, Goldman Sachs warns that prices could reach as high as $120, while easing tensions could bring crude prices down to around $80.

Why it matters

Escalating attacks around the Strait of Hormuz and renewed Russia-Ukraine hostilities are heightening global supply concerns, leading to a surge in Brent crude oil prices. This could lead to increased volatility and decreased investor appetite for risk assets.

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