Brent crude hits $110 as Iran attacks threaten $120 outlook

Oil prices climbed to their highest level since May 20, with Brent crude reaching $110 and West Texas Intermediate rising to $99.05, as Middle East tensions intensified. Iran's Islamic Revolutionary Guard Corps continued attacking ships in the Strait of Hormuz, targeting at least four vessels over the weekend and dozens in recent weeks, according to UKMTO reports. The U.S. has refrained from military retaliation, while Houthi attacks on Saudi Arabia persist. Analysts suggest Brent could target $115 and potentially $120, though a sudden de-escalation or credible U.S.-Iran deal could rapidly collapse the risk premium. Ukraine is also expected to continue strikes on Russian refineries.