Oil Prices Touch $110 As Middle East Tensions Keep Supply Concerns Alive

Brent crude oil prices neared recent highs on Tuesday after Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia. The crude oil prices have hit the high of $110 per barrel.
Global benchmark Brent futures lost 31 cents to close at $109.55 per barrel after hitting $110.70 earlier. U.S. West Texas intermediate advanced $2.25 to close at $103.66 per barrel.
On Monday Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia.
Prices pulled back from session highs as traders weighed possibly higher Russian supplies hitting the market after U.S. sanctions relief on Friday.