Crude Oil Soars

2026-07-23 19:01 By Joana Taborda 1 min. read

Crude oil surged more than 6% to trade above $92 per barrel on Thursday, extending gains for a fifth consecutive session and reaching its highest level since early June as escalating hostilities in the Middle East heightened concerns over global supply disruptions.

US President Trump warned that the US would hold Iran responsible for any future Houthi attacks on commercial shipping in the Red Sea, threatening Tehran and the Yemen-based militants with "major military punishment." He also said he was "considering a massive attack" against Iran.

The comments followed Houthi attacks on two Saudi oil tankers in the Red Sea, which the group said were intended to enforce a newly announced blockade of Saudi ports.

Oil prices have now climbed more than 30% from the pre-conflict levels seen earlier this month.

Adding to supply concerns, Kazakhstan's decision to suspend crude exports through the Caspian Pipeline Consortium terminal following drone attacks further tightened the market outlook.



News Stream
Crude Oil Soars
Crude oil surged more than 6% to trade above $92 per barrel on Thursday, extending gains for a fifth consecutive session and reaching its highest level since early June as escalating hostilities in the Middle East heightened concerns over global supply disruptions. US President Trump warned that the US would hold Iran responsible for any future Houthi attacks on commercial shipping in the Red Sea, threatening Tehran and the Yemen-based militants with "major military punishment." He also said he was "considering a massive attack" against Iran. The comments followed Houthi attacks on two Saudi oil tankers in the Red Sea, which the group said were intended to enforce a newly announced blockade of Saudi ports. Oil prices have now climbed more than 30% from the pre-conflict levels seen earlier this month. Adding to supply concerns, Kazakhstan's decision to suspend crude exports through the Caspian Pipeline Consortium terminal following drone attacks further tightened the market outlook.
2026-07-23
Crude Oil Extends Gains for 5th Session
Crude oil surged more than 6% to above $92 per barrel on Thursday, extending gains for a fifth consecutive session to the highest level since early June, 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.
2026-07-23
Crude Oil Rises for 5th Session
Crude oil rose nearly 4% to around $90 a barrel on Thursday, extending gains for a fifth straight session to the highest since June 10, after fresh attacks on oil tankers near Saudi Arabia and renewed US threats against Iran heightened fears of supply disruptions. The UK Maritime Trade Operations agency reported that a tanker caught fire after being struck about 70 nautical miles southwest of Al Shuqaiq, with Yemen's Houthi rebels claiming responsibility, saying they had targeted two Saudi tankers with drones and missiles for violating their maritime blockade. The incident came hours after President Donald Trump warned that the US would strike an Iranian bridge or power plant every time Tehran attacked a vessel in the Strait of Hormuz, signaling a further escalation following the collapse of the US-Iran ceasefire. Iran responded by warning it would retaliate against US-linked infrastructure and energy assets across the region if Washington followed through on its threats.
2026-07-23