On Friday, the international oil benchmark, Brent crude, reached a price of $110 per barrel. This development marks the first time the commodity has traded at this level since May 20, representing a notable increase in global energy costs.

Market analysts attribute the upward pressure on oil prices to ongoing geopolitical instability. Specifically, the industry is navigating persistent supply and demand shocks linked to the conflicts involving Russia-Ukraine and the United States-Iran. These international tensions have created a volatile environment for energy markets, contributing to the recent price surge. While the report focuses on the benchmark reaching this specific threshold, it notes that the industry has been under pressure for several months due to these external geopolitical factors.