Brent oil hits $110 a barrel as supply relief prospects fade

Brent Oil: Brent crude is the international oil benchmark used to price much of the world's seaborne crude and a key reference for global energy markets. It is relevant here because its price rose to a level last reached in May as traders assessed tightening supply conditions and reduced prospects for near-term relief. Supply Risk: Recent market coverage has linked elevated oil prices to persistent disruption risks around the Strait of Hormuz, the Middle East and the Black Sea. Market Tightness: Despite some emergency-reserve releases and improving regional flows, physical oil markets continue to show signs of tightness. Refined Products: Continued exclusion of Russian diesel from global markets is increasing pressure on refineries elsewhere to process more crude to meet fuel demand.