NEW YORK, United States / RankWire.AI / – Brent crude reached $110 a barrel on Friday for the first time since May amid rising Middle East tensions that fueled worries over tighter supplies. Brent futures for December expiration closed $3.94, or 3.7%, higher at $109.86, marking the highest settlement since May 19. Meanwhile, U.S. West Texas Intermediate crude for November delivery increased by $3.44, or 3.5%, to $101.41, the highest since September 17. Market participants also considered how much diesel Russia might supply to the global market.
The surge extended a robust week for both benchmarks. Brent has risen by 4.9% so far this week, marking its second consecutive weekly gain. WTI has jumped 10.4% over the same period. On Thursday, Brent saw little change while WTI closed more than 3% higher. The move on Friday broke a week characterized by a mostly range-bound trading pattern, according to Bloomberg. Earlier in October, Brent had topped $103 before the recent push toward $110.
Over the past ten days, attacks near the Strait of Hormuz have increased significantly. Iran stated it was intensifying strikes in response to a U.S. blockade of its ports and the tougher sanctions introduced last month. Analysts at Kpler reported that these attacks had sharply decreased Gulf crude flows and expect a slower, uneven recovery without a comprehensive political agreement. Rumors of attacks on Saudi energy infrastructure have also revived fears of a broader escalation.
Market concerns grow as Russian diesel supplies face uncertainty
Concerns over Russian fuel exports added further upward pressure on prices. Ukraine targeted a Russian refinery on Thursday after President Volodymyr Zelenskiy announced Kyiv was abandoning an energy-site ceasefire that U.S. President Donald Trump had previously announced. Two sources familiar with the matter told Reuters that the Ryazan refinery halted a primary crude distillation unit following a drone attack. Dennis Kissler of BOK Financial commented that it remains uncertain how much diesel Russia can supply to the market.
Fuel markets have also tightened alongside crude. Diesel futures settled at $4.90 a gallon in New York on Friday, with diesel and gasoline contracts reaching their highest seasonal levels on record, according to Bloomberg. U.S. President Trump has stated that Moscow will follow through on a deal to release Russian diesel to global markets. However, a bill introduced by U.S. lawmakers on Friday aims to block that arrangement. The strike at Ryazan raised additional questions about the timing and volume of any future supply increases.
Strategic reserves are being tapped to relieve supply pressures
Governments are taking measures to increase supplies from emergency stockpiles. The International Energy Agency agreed on Thursday to release over 20 million barrels of fuel. On Friday, the U.S. Department of Energy issued a request for proposals to exchange up to 17 million barrels of crude from the Strategic Petroleum Reserve. Previously, Washington agreed to lend 172 million barrels as part of a broader initiative involving about 30 IEA member countries to release a total of 400 million barrels.
Despite these efforts, traders remain cautious, pricing in the risk of further disruptions. Rebecca Babin, senior energy trader at CIBC Private Wealth Group, noted that the market is reintroducing risk premiums after a brief period of calm, especially as the weekend approaches. Analysts at Energy Aspects emphasized that ongoing escalation risks will continue to support prices. Additionally, a significant U.S. crude inventory drawdown linked to hurricane-related production disruptions further bolstered the market. Brent closed the week just below the $110 level.