● BRENT CRUDE TOPS $110 FIRST TIME SINCE MAY

Brent crude touched $110 a barrel on Friday, the first time since May, as Iran's escalation around the Strait of Hormuz and Ukraine's strike on Russia's Ryazan refinery squeeze global oil supply. The headline milestone hides how uneven the rally has been: over the past week Brent gained 4.9% while West Texas Intermediate jumped 10.4%, nearly double. $BNO tracks the Brent side of that move, $USO the WTI leg.