Brent oil touches $110 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries

Crude oil prices rose sharply Friday as Iran escalated attacks in the Strait of Hormuz, Houthi militants fired missiles at Saudi Arabia and Ukraine vowed to keep striking Russian refineries. Brent futures hit a session high of $110 per barrel for the first time since May before easing slightly to close up 3.7% at $109.86. U.S. West Texas Intermediate rose 3.5% to settle at $101.41 per barrel. WTI added more than 10% this week while Brent advanced nearly 5%. Saudi Arabia intercepted several missiles fired Friday over the Red Sea including one that was heading toward the oil export terminal Yanbu, a military spokesman said. Three drones were also destroyed in the kingdom's Riyadh and southern regions, the military said.