Brent rises to $110, highest since May, as Middle East strikes intensify

what happened

Brent crude gained 3.7% to $110 a barrel, its strongest level since May, according to TradingView. It marked a second straight weekly advance, as hopes for quick supply relief faded and traders increased bets on higher prices. Houthi rebels, backed by Iran, keep firing missiles and drones at Saudi Arabia, while Russia and Ukraine trade strikes on each other's energy infrastructure.

Prices last stood at this level almost five months ago, when frozen crude and fuel flows led to a shaky, short-lived deal that briefly reopened the Strait of Hormuz.

US President Donald Trump has lifted the force of sanctions, restrictions and duties set out in the Sanctions on Russia and Iran Act, commonly called the Graham Act. He justified the move by national interest and said a certification had been sent to Congress. Retail fuel prices in India remained unchanged.

why it matters

Two forces are in play: the risk of supply disruption from the Middle East and the chance that sanctions on Russian and Iranian oil ease. Higher crude feeds quickly into pump prices, as India's state fuel companies reset rates each morning using a 15-day rolling average of benchmark prices.

market impact

Crude oil: Middle East supply risks and possible sanctions easing push Brent higher

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