Brent crude oil reached $110 a barrel on Friday, the first time since May, driven by ongoing geopolitical tensions from the U.S.-Iran and Russia-Ukraine conflicts.
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01Summary
- 01Brent crude oil, the international benchmark, hit $110 per barrel during Friday trading.
- 02This is the first time oil has reached this level since May 20.
- 03The price surge is attributed to persistent shocks from the U.S.-Iran and Russia-Ukraine wars.
02Why it matters
Higher oil prices could increase costs for fuel, heating and transport, affecting household budgets and business expenses globally.
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