Brent crude hits $110 as Iran attacks tankers in Strait of Hormuz

Brent crude oil prices rose to $110 per barrel, the highest level since May, as Iran's Islamic Revolutionary Guard Corps (IRGC) continued attacking vessels in the Strait of Hormuz, intensifying Middle East tensions. West Texas Intermediate reached $99.05, well above its July low of $67. The IRGC targeted at least four ships over the weekend, adding to dozens of attacks in recent weeks, while the Trump administration has refrained from military retaliation. Analysts suggest the risk premium may persist through the US midterm elections, with potential price targets of $115 and $120. Ongoing Houthi attacks on Saudi Arabia and Ukrainian strikes on Russian refineries further pressure supply. Technical indicators show Brent trading above its 50-day EMA and key resistance at $109.9, supporting a bullish outlook, though a sudden de-escalation could quickly collapse the risk premium.