Oil prices surged Friday with Brent crude touching $110 per barrel for the first time since May before settling at $109.86, up 3.7%, while U.S. WTI gained 3.5% to $101.41, adding more than 10% for the week. Iran’s escalation in the Strait of Hormuz has seen at least nine tankers and cargo ships attacked since Sunday, including the sinking of the GFS Pride container ship, while Houthi militants continue striking Saudi Arabia. Crude exports through Hormuz have dropped to 9.4 million barrels per day, about 70% of prewar averages, according to Kpler data. Meanwhile, Ukraine vowed to resume strikes on Russian refineries after the collapse of a U.S.-brokered energy ceasefire, driving diesel prices to an average of $6.33 per gallon in the U.S., over 70% higher than last year.
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