Oil reaches $110 per barrel

Business & Economy 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. © Kamran Jebreili, Associated Press file The price of Brent crude oil, the international standard, hit $110 on the nose during Friday trading. That marked the first time it has reached that level since May 20, less than three months after the U. S. and Israel launched the Iran conflict. The commodity is 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 Iran and sunk down below $80 per barrel throughout much of June and July — as the U. S. and Iran were operating under a ceasefire both sides accused the other of violating.  But as the war, now approaching the eight-month mark, has persisted, oil prices have surpassed $100 yet again.  West Texas Intermediate crude, the North American benchmark, also topped $100 per barrel on Friday for the first time since Sep. 21. The increase in oil prices has translated to higher prices at the pump for Americans. Regular gas in the U. S. costs about $4.33 per gallon on average, AAA reported Friday.  Diesel also costs more than $6.30 on average, nearly $2.70 higher than a year ago, according to AAA. Read more at TheHill.com. Welcome to The Hill’s Business & Economy newsletter, I’m Max Rego — covering the intersection of Wall Street and Pennsylvania Avenue. Key business and economic news with implications this week and beyond:Warsh offers no fresh signals on interest rates Federal Reserve Chair Kevin Warsh declined Friday to predict central bank officials’ future course on interest rates, less than two weeks before they meet to discuss monetary policy. Democrats rake in cash, Musk takes center stage for GOP: 5 takeaways from latest fundraising hauls Democrats running in competitive Senate races are raking in cash as they race to close the financial gap with Republicans, who have been buoyed in part by Elon Musk and his super PAC. Main Trump legal fund $1.9M in debtPresident Trump’s primary legal fund is more than $1.9 million in debt, according to its latest filing with the Federal Election Commission (FEC). Musk settles election lottery lawsuits over $1 million voter giveaways Tech mogul Elon Musk agreed to settle two lawsuits over his $1 million check handouts to battleground voters in the 2024 election, according to court filings published Thursday. Branch out with more stories from the day: How DOJ hopes the Supreme Court will limit judges’ authority next The Trump administration is making its next move to rein in judges’ authority to block the president’s agenda. Business and economic news we’ve flagged from other outlets: Walter’s insurers skirted capital rules with ‘rolling’ loophole (Bloomberg) The GOP’s hopes of a tax cut election are falling flat, poll shows (Politico)Trump administration logs record foreign investment (Semafor) Top stories on The Hill right now: Four Republican senators have joined their Democratic colleagues in pressing the Trump administration for information about whether Pentagon officials ordered restrictions on Ukraine’s access to the satellite-based Starshield network, which Ukrainian officials said limited their ability to intercept … Read more Anthony Scaramucci weighed in on Katie Zacharia’s departure as White House press secretary Friday, noting her tenure was less than his as communications director at just five days in the role. Read more 400 N Capitol Street NW Suite 650, Washington, DC 20001Copyright © 1998 – 2026 Nexstar Media Inc. | All Rights Reserved. If you believe this has been sent to you in error, please safely unsubscribe. Close The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Tags Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.