🔶 Oil prices for the first time since May reached $110 per barrel

Brent crude oil prices reached $110 per barrel for the first time since May. The increase occurred amid growing concerns that heightened tensions in the Middle East could further restrict oil supply.

Brent crude oil futures on Friday, October 16 (24 Mehr), rose by $3.94, or 3.7%, to close at $109.86, the highest level since May 19 to date. Meanwhile, U.S. West Texas Intermediate (WTI) crude oil futures rose by $3.44, or 3.5%, to close at $101.41, the highest level since September 17 to date.

Since the beginning of this week, Brent crude oil prices have risen by 4.9% and WTI crude oil prices have increased by 10.4%.

In a note, the research and consulting firm “Energy Aspects” said: “West Texas Intermediate and Brent crude oil have made up for their earlier losses as concerns about an escalation in tensions have resurfaced following rumors of an attack on Saudi Arabia’s energy infrastructure.”