From CNBC · Spencer Kimball · · 1m 30s
Oil surges past $110 as Iran, Houthis and Ukraine escalate attacks
Crude prices spike on multiple fronts: Iran strikes the Strait of Hormuz, Houthi militants target Saudi Arabia, and Ukraine resumes refinery strikes after Trump's ceasefire collapses.
In brief
Crude prices spike on multiple fronts: Iran strikes the Strait of Hormuz, Houthi militants target Saudi Arabia, and Ukraine resumes refinery strikes after Trump's ceasefire collapses. Brent crude hit one hundred ten dollars per barrel Friday as Iran escalated Hormuz attacks, Houthi militants fired on Saudi Arabia, and…
Brent crude hits one hundred ten dollars
Brent futures reached a session high of one hundred ten dollars per barrel Friday for the first time since May, closing at one hundred nine point eighty-six, up three point seven percent.
Iran escalates attacks in Hormuz
At least nine tankers and cargo ships have come under attack since Sunday as Iran tries to choke off oil exports through the Strait of Hormuz. Iran sank the container ship GFS Pride on Wednesday.
Houthis strike Saudi oil infrastructure
Iran-allied Houthi militants in Yemen repeatedly fired missiles and drones at Saudi Arabia this week. One missile headed toward the oil export terminal Yanbu on Friday. Aramco's administrative building in Dhahran was hit Tuesday.
Trump's energy ceasefire quickly unravels
The energy ceasefire President Donald Trump tried to broker between Ukraine and Russia has quickly unraveled. The Kremlin continued attacking Ukrainian infrastructure. President Volodymyr Zelenskyy said Kyiv would resume strikes on Russian refineries in retaliation.
Diesel prices surge seventy percent higher
Diesel prices have surged this year due to Ukraine's attacks on Russian refineries and Iranian strikes on energy infrastructure.
The one thing
Brent crude hit one hundred ten dollars per barrel Friday as Iran escalated Hormuz attacks, Houthi militants fired on Saudi Arabia, and Ukraine vowed to resume striking Russian refineries after Trump's energy ceasefire unraveled.
