Brent Flirts With $110 Before Reversing As Wright Declares Pump Prices Have "Peaked"

What happened: Brent crude futures briefly touched $109.99 a barrel overnight before retreating from five-month highs, as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and shipping lanes. Why it matters: Wright said he wants pump prices to "pull back a lot more," while Sparta Commodities' June Goh said markets seem unwilling to absorb higher prices and Brent is likely to stay around $100. The IEA warned the refining crisis, particularly in diesel, will persist well into next year.

Brent crude futures briefly touched $109.99 a barrel overnight before retreating from five-month highs, as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and shipping lanes.

Wright said he wants pump prices to "pull back a lot more," while Sparta Commodities' June Goh said markets seem unwilling to absorb higher prices and Brent is likely to stay around $100. The IEA warned the refining crisis, particularly in diesel, will persist well into next year.