Brent crude nears $110 for first time since May as Middle East tensions deepen

Brent crude oil prices climbed to near $110 a barrel for the first time since May as concerns intensified over the impact of Middle East tensions on global oil supply, adding further pressure to energy markets.

According to Reuters, Brent crude futures rose $3.94, or 3.7%, to $109.86 a barrel, the highest level since May 19. U.S. West Texas Intermediate crude also gained $3.44, or 3.5%, to $101.41 a barrel, the highest price since Sept. 17.

Oil investors are assessing how much diesel Russia may be able to supply to global markets, and this, along with political instability in the Middle East, is among the main factors driving higher oil prices.