Brent crude could hit $120 as Iran's IRGC attacks disrupt Hormuz shipping

Brent crude oil prices rose to $110 per barrel, the highest level since May, as Iran's Islamic Revolutionary Guard Corps (IRGC) continued attacking ships in the Strait of Hormuz, intensifying Middle East tensions and supply disruption risks. The IRGC targeted at least four vessels over the weekend, with dozens of ships hit in recent weeks, according to UKMTO reports. Analysts expect attacks to persist until the US midterm elections, while Houthi strikes on Saudi Arabia add further pressure on regional oil flows. Technical analysis shows Brent trading above its 50-day EMA and key resistance at $109.9, with targets of $115 and potentially $120. However, a sudden de-escalation or credible US-Iran agreement could rapidly collapse the risk premium.