Brent Crude Tops $110 for First Time Since May as Hopes for Swift Supply Relief Fade

Deep News
10 hours ago

Brent crude touched $110 a barrel for the first time since May as expectations that supply would soon ease weakened, prompting traders to ramp up bullish bets on oil prices ahead of the weekend.

Brent rose 3.7%, with reports of continued conflict in major oil-exporting regions steadily emerging and bullish sentiment in the market intensifying further during the session.

Iran-backed Houthi forces continued to attack Saudi Arabia with missiles and drones, while Russia and Ukraine traded strikes on each other's energy infrastructure.

U.S. lawmakers on Friday introduced a bill aimed at blocking a diesel deal between U.S. President Donald Trump and Russia. If Russian diesel remains excluded from global markets, refineries elsewhere will have to increase crude processing to meet demand.

Trump has since reiterated that Moscow will honor its commitment to deliver diesel. But hostilities around the Black Sea persist, and production at Russia's Ryazan refinery was reportedly disrupted after an attack, further deepening doubts over whether the agreement can be implemented.

With supply disrupted by conflict in the Middle East and the Russia-Ukraine war, crude has risen more than 70% so far this year. The physical market continues to show tightening supply, with refined products such as diesel posting even sharper gains.

Brent for December delivery rose 3.7% to settle at $109.86 a barrel; West Texas Intermediate for November delivery rose 3.5% to settle at $101.41 a barrel.

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