● BRENT CRUDE TOPS $110 FIRST TIME SINCE MAY

Brent crude settled at $109.86 a barrel on Friday, up to its highest level since May, as attacks near the Strait of Hormuz intensified over the past ten days. WTI did the heavier lifting over the week: the U.S. benchmark gained 10.4%, more than double Brent's 4.9% rise, closing at $101.41 as traders piled into $USO on fears of a wider Middle East war. Iran says the attacks are retaliation for U.S. sanctions and blockades on its oil exports.