Brent crude touches US$110 a barrel for the first time since May

Brent crude, Friday's settle

109.86 US$ a barrel

Brent futures touched US$110 on Friday before settling at US$109.86, up 3.7 per cent. US crude closed at US$101.41 and rose more than 10 per cent over the week.

What pushed prices up

• Attacks on ships near Hormuz
• Houthi missiles fired at Saudi Arabia
• Ukraine to resume refinery strikes

Prices rose as Iran stepped up attacks around the Strait of Hormuz, Houthi militants fired missiles at Saudi Arabia, and Ukraine pledged to resume strikes on Russian refineries.

Goldman Sachs says oil could reach US$120 a barrel if attacks on ships escalate, while a return to normal exports could bring it down towards US$80.