Oil prices top $110 as Middle East attacks outweigh Russian supply relief

Oil prices rose above $110 per barrel on Tuesday as renewed Middle East attacks overshadowed prospects of eased Russian energy exports, keeping Brent near a five-month high. Brent futures gained 0.5% to $110.10, while US West Texas Intermediate for November delivery rose 0.24% to $103.91. President Trump's October 16 executive order waived sanctions and tariffs under the Graham Act, including penalties for buying Russian oil and gas, but did not remove all restrictions. Russian production reached 8.43 million barrels per day in September, still about 870,000 barrels below a year earlier, making the waiver a potential relief source rather than a guaranteed supply increase. Goldman Sachs Research expects Brent to reach $90 in December and average $80 in 2027 as Gulf exports recover and weaker demand pushes the market toward surplus. The bank estimates a geopolitical premium of nearly $25 per barrel in physical spot prices, while Houthi attacks on Saudi facilities and threats to the Strait of Hormuz keep shipping risks elevated.