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International Business Times
International Business Times
Business

Geopolitical Tensions Keep Rising. Oil is Now Hovering Around $110 a Barrel.

Volodymyr Zelenksyy Donald Trump Oil Piers Morgan Ukraine United States Vladímir Putin Russia Strait of Hormuz Iran
Brent crude hovered around $110 a barrel on Friday as geopolitical tensions continue to escalate. (Credit: Getty Images)

Oil prices are soaring on Friday as geopolitical tensions continue to escalate, particularly in the Middle East and between Russia and Ukraine.

Brent crude, the international benchmark, gained 3.77% and clocked in at $109.91 per barrel at 2:48 p.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 0.35% and stood at $101.77 per barrel at the same time.

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