Brent crude climbed to $110 a barrel for the first time since May as hopes for near-term supply relief weakened and traders increased bets on further gains.
Brent stood at $109.69, up 3.56% from the previous close. The benchmark gained 3.7% during a session marked by renewed attacks across key energy-exporting regions, adding pressure to an already fragile supply outlook.
Iran-backed Houthi rebels continued missile and drone strikes on Saudi Arabia, while Russia and Ukraine targeted each other’s energy infrastructure.
Reports of a strike on Russia’s Ryazan refinery, which forced a suspension of operations, further heightened concerns over supply disruptions.
US lawmakers introduced a bill Friday to block a deal to buy Russian diesel, citing concerns it could fund Moscow’s war.
Geopolitical uncertainty deepened after US President Donald Trump declined to rule out using the GBU-43/B Massive Ordnance Air Blast bomb, widely known as the ‘Mother of All Bombs’, against Iran after the November 3 election, according to Newsmax.
Goldman Sachs raised its Brent crude forecast for December 2026 to $90 a barrel from $85, citing persistent supply risks linked to the West Asia conflict.
The bank said these risks could slow the easing of the risk premium in time spreads, which it estimated at just over $20.
Brent traded near $70 a barrel when the West Asia war began in late February. Brent surged above $125 as Strait of Hormuz disruptions threatened nearly 20% of global oil shipments.
A gradual reopening eased prices towards pre-war levels, but renewed tensions have pushed Brent back towards $110.
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