Brent hits $110 as Hormuz attacks and refinery strikes squeeze oil
Why it matters: Gulf crude flows fell to 9.4 million barrels a day, while US diesel averaged $6.33 a gallon.
Oil jumped Friday as attacks around the Strait of Hormuz and renewed strikes on Russian refining capacity deepened supply fears. Brent crude touched $110 a barrel for the first time since May and settled at $109.86, up 3.7%, while US West Texas Intermediate closed at $101.41, up 3.5%. Saudi Arabia said it intercepted missiles over the Red Sea, including one headed toward the export hub of Yanbu. In Hormuz, at least nine tankers and cargo ships have been attacked since Sunday, with three seafarers injured and two missing this week, according to the International Maritime Organization. Kpler data showed crude shipments through the waterway at 9.4 million barrels a day, about 70% of the prewar average. Ukraine also signaled it would keep hitting Russian refineries, adding to pressure on diesel supplies.