Oil tops $110 as Middle East attacks outweigh Russian supply relief

Oil prices rose above $110 per barrel on Tuesday as new Middle East attacks outweighed expectations of eased Russian energy exports, keeping Brent near a five-month high. Brent futures gained 0.5% to $110.10, after reaching $110.70 on Monday, their highest since May 20. US West Texas Intermediate for November delivery rose 0.24% to $103.91, while the December contract climbed 0.4% to $98.93. President Trump's October 16 executive order suspended sanctions under the Graham Act, but it does not immediately add supply, mainly protecting existing flows while Gulf shipping threats sustain a geopolitical premium. Goldman Sachs Research forecasts Brent at $90 in December and averaging $80 in 2027, citing recovering Gulf exports and lower demand. The bank estimates a near $25 per barrel geopolitical premium in physical spot prices, though attacks on at least 18 ships in the Gulf over two weeks keep risks elevated.