Brent crude oil prices surged to $110 per barrel on Friday, marking the highest level since May 20. The spike comes amid ongoing disruptions in global energy supplies due to the U.S.-Iran and Russia-Ukraine conflicts. Brent crude closed the day at $109.86, while West Texas Intermediate (WTI) also climbed above $100 for the first time since Sept. 21.
The rally follows a summer slump when prices dipped below $80 during a ceasefire in the U.S.-Iran conflict. However, the war has since intensified, pushing crude back above $100. The rising oil prices are now being felt at the pump, with regular gasoline averaging $4.3344 per gallon and diesel at $6.3173, nearly $2.67 higher than a year ago.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that Americans have spent $135 billion more on gasoline and diesel since March 1 compared to the same period last year. Efforts by President Donald Trump to ease costs, including a deal with Russia to boost diesel exports, face challenges as Ukraine resumed strikes on Russian refineries.
Both countries have reportedly defied Trump’s proposed energy ceasefire, keeping supply risks in focus. Ukraine’s President Volodymyr Zelenskyy stated that Kyiv would pause strikes only if it receives more U.S.-made Patriot interceptors.