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.

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.

“Americans have now spent $135 billion more on gasoline and diesel purchases since March 1 than the same period last year,” Patrick De Haan, the head of petroleum analysis at GasBuddy, wrote Friday on the social platform X.

President Trump has sought to address rising costs, including via a deal with Russia for that country to boost its supply of diesel fuel to the global marketplace.

Ukrainian forces have launched strikes at Russian refineries amid the two countries’ ongoing war, as the two countries defy Trump’s proposed energy ceasefire .