Oil reaches $110 per barrel

Oil hits $110 per barrel for first time since May

An international oil benchmark hit $110 per barrel on Friday, as the industry faces persistent shocks from the U.S.-Iran and Russia-Ukraine wars.

© Kamran Jebreili, Associated Press file

The price of Brent crude oil, the international standard, hit $110 on the nose during Friday trading. That marked the first time it has reached that level since May 20 , less than three months after the U.S. and Israel launched the Iran conflict.

The commodity is trading at roughly $109.75 as of late Friday afternoon.

Brent crude prices peaked in late April, when the benchmark topped $120 per barrel .

Oil prices shot up during the early months of the conflict with Iran and sunk down below $80 per barrel throughout much of June and July — as the U.S. and Iran were operating under a ceasefire both sides accused the other of violating.

But as the war, now approaching the eight-month mark, has persisted, oil prices have surpassed $100 yet again.

West Texas Intermediate crude, the North American benchmark, also topped $100 per barrel on Friday for the first time since Sep. 21.

The increase in oil prices has translated to higher prices at the pump for Americans. Regular gas in the U.S. costs about $4.33 per gallon on average, AAA reported Friday.

Diesel also costs more than $6.30 on average , nearly $2.70 higher than a year ago, according to AAA.

Welcome to The Hill’s Business & Economy newsletter , I’m Max Rego — covering the intersection of Wall Street and Pennsylvania Avenue.

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