Crude Oil Jumps to $110 on Rising Geopolitical Risks
What Happened
Brent crude touched $110 a barrel on October 16 for the first time since May, before settling 3.7% higher at $109.86. US WTI crude settled 3.5% higher at $101.41. The rally was driven by worries over escalating tensions around the Strait of Hormuz and Saudi energy infrastructure, alongside concerns about Russian fuel supplies following attacks on its refining infrastructure.
Key Takeaways
Oil is back above the psychologically important $100 level, with Brent briefly hitting $110 as geopolitical risks heighten concerns about global energy supplies.