WTI crude hits $110.48 on Hormuz attacks, reverses on US-Iran talks

WTI November futures hit $110.48 a barrel before falling to $104.68 on reports of US-Iran negotiation progress. Brent exceeded $111. Kpler data shows 18 vessel attacks in two weeks. US SPR fell to 282.7 million barrels, lowest since 1982. National gasoline average $4.28/gallon. Saudi Aramco CEO says two years needed to refill global stockpiles. HSBC CEO says Hormuz may become redundant in five years.