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

BREAKING: Brent crude touches $110 a barrel for the first time since May as Iran escalates attacks in the Strait of Hormuz and Ukraine vows to strike Russian refineries.

Brent crude touched 110 dollars a barrel today, the first time since May.

It closed at 109.86, up 3.7 percent, and WTI settled above 101. The reason is a map on fire. Iran has attacked at least nine tankers and cargo ships in the Strait of Hormuz since Sunday, and sank the container ship GFS Pride on Wednesday. You can see the scene there now, vessels anchored, waiting, while exports through the strait run at about 70 percent of prewar levels.

Saudi Arabia spent Friday intercepting missiles, including one aimed at the Yanbu oil terminal. Houthi strikes hit Riyadh's airport last week, killing 12 people. And the energy ceasefire Trump tried to broker between Russia and Ukraine has collapsed, with Zelenskyy vowing to resume strikes on Russian refineries.

The cost is already on the forecourt. Diesel in America is averaging 6.33 a gallon, more than 70 percent higher than a year ago. That number is the story.

This is Sara White, reporting for HIT.