BRENT CRUDE JUMPS TO $110 AMID FADING PROSPECTS OF SUPPLY RELIEF

What happened: Brent crude touched $110 a barrel for the first time since May as hopes for near-term supply relief faded and traders increased bets on further price gains. Key numbers: Brent stood at 109.69, up 3.56 per cent from the previous close. The benchmark climbed 3.7 per cent in the session. Why it matters: Renewed conflict in major export regions tightened an already fragile supply outlook. A US bill to block a deal to buy several hundred million barrels of diesel from Russian reserves and a strike on Russia's Ryazan refinery that suspended operations added to supply concerns.

Brent crude touched $110 a barrel for the first time since May as hopes for near-term supply relief faded and traders increased bets on further price gains.

Renewed conflict in major export regions tightened an already fragile supply outlook. A US bill to block a deal to buy several hundred million barrels of diesel from Russian reserves and a strike on Russia's Ryazan refinery that suspended operations added to supply concerns.