Brent Rallies Past $100

2026-07-23 13:11 By Agna Gabriel 1 min. read

Brent crude oil surged more than 7% to around $101 per barrel on Thursday, the highest level since May 22, as escalating geopolitical tensions intensified concerns over global supply.

Iran-backed Houthi militants claimed responsibility for attacks on two Saudi oil tankers in the Red Sea, saying the strikes were aimed at enforcing a newly announced blockade of Saudi ports.

The attacks raised fears of further disruptions to regional shipping, with buyers in Asia considering longer and more expensive alternative routes.

Supply risks were compounded by continued attacks on vessels in the Strait of Hormuz, renewed US strikes on Iran, and Kazakhstan's decision to halt crude exports through the Caspian Pipeline Consortium terminal after drone attacks.

Meanwhile, Washington and Tehran continued to rule out near-term peace talks, reinforcing expectations that tensions could keep oil prices elevated.



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