Oil hits $110 per barrel for first time since May

An international oil benchmark hit $110 per barrel on Friday, as the industry faces persistent shocks from the U.S.-Iran and Russia-Ukraine wars. The price of Brent crude oil, the international standard, hit $110 during Friday trading. That marked the first time it has reached that high since May 20, less than three months after the U.S. and Israel launched the Iran conflict. The commodity was trading at roughly $109.75 as of late Friday afternoon. Brent crude prices peaked in late April, when the benchmark topped $120 per barrel. Oil prices shot up during the early months of the conflict with...