Geopolitical Tensions Keep Rising. Oil is Now Hovering Around $110 a Barrel.

Oil prices are soaring on Friday as geopolitical tensions continue to escalate, particularly in the Middle East and between Russia and Ukraine.

Brent crude, the international benchmark, gained 3.77% and clocked in at $109.91 per barrel at 2:48 p.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 0.35% and stood at $101.77 per barrel at the same time.

Ukraine's energy infrastructure keeps being attacked by Moscow as a new report claimed that that it has run out of Patriot missiles. President Volodymyr Zelenskyy is also dealing with a new fallout with President Donald Trump.

Trump has called Kyiv's decision to resume attacks against Russian refineries a "disgrace." Zelenskyy, on his end, said the decision was a result of Moscow not abiding by an energy ceasefire declared by Trump during the weekend. "There's plenty of other targets; they don't have to hit," Trump said in an interview on Thursday.

"Zelenskyy is not a good guy for us to deal with" Trump added. "I think they actually both would like to see it end, but I think I find Zelenskyy to be more difficult to deal with than (Russian President Vladimir) Putin."

Zelenskyy has also taken aim at Trump. In another interview with British commentator Piers Morgan on Wednesday, Zelenskyy said he felt let down by his dealings with Putin, including a deal to release hundreds of barrels of diesel due to high global prices. Zelenskyy claimed the lifting of sanctions would allow Russia to press on with the invasion.

When asked by Morgan if he felt "betrayed by what was happening," Zelenskyy said "really, yes." However, he noted that Ukraine's relationship with the U.S. mattered more than his personal feelings. "Our country has to survive, and we count on our real partners, strategic partners, the United States and President Trump."

Elsewhere, at least nine tankers and cargo ship have been attacked in the Strait of Hormuz over the past week. Crude exports, which had hit prewar levels in September, have pulled back. They now stand at about 70% of such figures, according to Kpler.

Islamic Revolutionary Guard Corps (IRGC) chief Ali Ozmaei also said on Wednesday that Tehran is "impatient to sink American warships."

"We are waiting for U.S. warships to approach the entrance to the Strait of Hormuz so we can sink them. We are counting down every moment until this happens," he added in a televised interview with local television.

Iran appears to be increasing its activity in the waterway. A new report detailed that Tehran is resorting to new tactics to disrupt traffic.

The tactics in question were not revealed by senior Iranian officials who talked to Reuters, but they seek to prevent the U.S. from bringing down oil prices ahead of the midterms.

They did say that the pace and type of attacks have changed and are targeting more vessels seeking to transit through the waterway.

A U.S. official told the outlet that Tehran has begun using unarmed spotters in small boats to find potential targets.