Brent crude, the international oil benchmark, hit $110 per barrel on Friday, its highest level since May 20, as the U.S.-Iran and Russia-Ukraine wars keep disrupting global energy supplies.
Brent closed Friday at $109.86.
Oil Rebounds After Summer Slump
Brent topped $120 per barrel in late April, soon after the U.S. and Israel launched the Iran conflict. Prices then fell below $80 for much of June and July, during a ceasefire that both sides accused the other of violating later.
Since then, the war has dragged on toward the eight-month mark, and crude has climbed back above $100. West Texas Intermediate (WTI), the North American benchmark, also topped $100 on Friday. It was the first time since Sept. 21.
Drivers Feel the Pain at the Pump
The rally is now reaching consumers. Regular gasoline averaged about $4.3344 per gallon on Friday, the American Automobile Association (AAA) reported.
Diesel, which fuels trucks and freight, averaged $6.3173, nearly $2.67 higher than a year ago, according to AAA.
Patrick De Haan, head of petroleum analysis at GasBuddy, wrote Friday on X, “Americans have now spent $135 billion more on gasoline and diesel purchases since March 1 than the same period last year.”
Supply Risks Stay in Focus
President Donald Trump has sought to ease costs, including through a deal with Russia to boost its diesel exports to global markets.
However, the effort faces obstacles. Ukraine ended a two-day pause on strikes at Russian refineries. President Volodymyr Zelenskyy said Kyiv would pause again only if it gets more U.S.-made Patriot interceptors.
Both countries have reportedly defied Trump’s proposed energy ceasefire.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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