Oil prices top $100 as Hormuz disruptions and shrinking U.S. inventories tighten supply

  • Brent crude reached $110 per barrel on Friday.
  • West Texas Intermediate crude exceeded $100 per barrel for the first time since Sept. 21.
  • AAA reported average U.S. gasoline prices of about $4.33 per gallon Friday.

Brent crude reached $110 a barrel on Friday for the first time since May 20, extending an oil rally driven by the prolonged Iran conflict, disruption risks around the Strait of Hormuz and refinery attacks in Russia. The international benchmark later traded near $109.75, while U.S. West Texas Intermediate crude exceeded $100 for the first time since Sept. 21. Earlier trading data showed Brent at $109.34 and WTI at $100.67 on Oct. 16, after more than 11% weekly gains amid reduced Hormuz flows and an 8.56 million-barrel U.S. crude inventory draw. Higher crude prices have lifted U.S. retail fuel costs, with regular gasoline averaging about $4.33 a gallon and diesel more than $6.30, according to AAA. President Trump has sought to curb rising costs through a deal with Russia to increase diesel supply to the global market, while Ukrainian strikes on Russian refineries have continued during the Russia-Ukraine war.

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