strikeJul 23, 2026

Brent crude oil surges to $100 a barrel for first time since May after reports of Red Sea attacks

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Brent crude oil surges to $100 a barrel for first time since May after reports of Red Sea attacks Published July 23, 2026, 11:20 a.m. ET See more of our coverage in your search results.Add The New York Post on Google Brent crude oil surged Thursday to $100 a barrel for the first time since May following reported Houthi attacks on vessels in the Red Sea – fueling concerns that global energy supplies could get even more badly disrupted. Brent crude oil prices had soared 7.1% to $100.74 a barrel as of about 10:50 a.m. ET, while West Texas Intermediate crude jumped 5.3% to $91.40 – setting the benchmarks up for huge monthly gains of roughly 40% and 30%, respectively. Oil prices were already climbing this week as traders grew concerned over a breakdown in peace talks between the US and Iran and renewed hostilities in the Strait of Hormuz, a vital maritime route for 20% of the world’s oil supplies that has been largely blockaded for months. Reports of fresh strikes in the Red Sea raised new fears that a second critical shipping route through the Bab el-Mandeb Strait, which carries about 7% of global oil supplies, could also be compromised – multiplying what is already the world’s worst-ever supply disruption. The United Kingdom Maritime Trade Operations posted on social media Thursday that a tanker was hit around 70 nautical miles off the coast of Saudi Arabia, sparking a fire onboard that the crew was fighting. There were no reported casualties. Yemen’s Houthis, an Iranian-backed militant group, claimed the attack, saying they fired at two vessels in the Red Sea for allegedly violating their maritime blockade against Saudi Arabia. Joe Adamski, managing director of ProcureAbility, a supply chain consultancy, told The Post it is “difficult to say for sure” where oil prices are headed since it is “unclear if the Houthis can maintain any kind of a blockade or effectively target shipping and/or Saudi export infrastructure.” “If the shooting continues, pricing will stay above $100, probably into the $110 to $120 range,” Adamski said. “If that stabilizes or appears manageable, I’d expect to see mid-$80s.” Jeff Krimmel, founder of Krimmel Strategy, warned that oil prices could keep rising as long as fighting continues in the Red Sea and the Persian Gulf, and both sides continue to trade threats. “When the direction of travel is toward more conflict, as it is right now, there is no safe ceiling above oil prices,” he told The Post. “For oil prices to drop, we would need indications of real ongoing diplomacy between the US and Iran,” though a “robust agreement” is not necessary, Krimmel added. “The market has been clear it will give both sides the benefit of the doubt. We simply need to see a meaningful embrace of diplomacy for oil prices to drop.” The Houthi attacks have not yet been independently confirmed. President Trump on Thursday vowed to hold Iran responsible for any attacks by the Houthis – saying he was “very disappointed with” the rebels who “have, until now, acted very professionally and smart” during the war with Tehran, which began Feb. 28. “Please let this TRUTH serve to represent that if they do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves,” the president wrote in a Truth Social post. Secretary of State Marco Rubio told reporters in the Philippines on Thursday that the Houthis were making a mistake getting involved in the Middle East conflict, saying they had been “smart” to largely stay out of the war with Iran. He claimed that one of the vessels struck by the Houthis had actually been “flagged Chinese,” so the militant organization has risked angering another major world power. The reported Red Sea attacks came just hours after Trump threatened to destroy an Iranian bridge or power plant each time Iran fires at a ship in the Strait of Hormuz, further escalating tensions. Tehran responded that it would retaliate against US-affiliated infrastructure and energy assets throughout the region if Washington carries out such strikes. Traders have grown more concerned about a lasting energy crisis since Trump earlier this month announced a ceasefire deal with Iran was “over,” saying he no longer wanted to deal with “sick people.” On Wednesday, Rubio said Iran was not being “serious” about reaching a peace agreement.

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Taylor HerzlichBy Taylor Herzlich
Brent crude oil surges to $100 a barrel for first time since May after reports of Red Sea attacks Published July 23, 2026, 11:20 a.m. ET See more of our coverage in your search results.Add The New York Post on Google Brent crude oil surged Thursday to $100 a barrel for the first …

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Jul 23, 2026strikeUnverifiedUSIranProxyRussia

Crude Oil Skyrockets As Middle East Crisis Deepens With Houthi Attacks On Saudi Tankers

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(RTTNews) - Extending four consecutive sessions of gains, crude oil prices have catapulted on Thursday amid concerns of a wider conflict in the Middle East set off by new attacks by the Iran-backed Houthis in Yemen on two Saudi Arabian tankers in the Red Sea.

WTI Crude Oil for September month delivery was last seen trading up by $92.59 (or 6.63%) at $5.76 per barrel. The conflict between the U.S. and Iran that started on February 28 is yet to show indications for a peaceful resolution. Through a Memorandum of Understanding on June 17, the U.

S. and Iran agreed to settle disputes through peace talks. Following this, Iran reopened the Strait of Hormuz and the U.S. permitted Iran to export its crude oil and lifted the blockade on Iranian ports. The easing of tensions did not last long, however.

Within a month of signing the MoU, Iran fired at ships transiting via the Strait of Hormuz for not coordinating with Iranian forces and U.S. forces recommenced their attacks on Iran. In retaliation, Iran struck several U.S. bases in neighboring nations.

As of now, the U.S. military has conducted 12 consecutive nights of strikes against Iran. U.S. Central Command stated that through the attacks, the U.S. intended to degrade Iran's capabilities to conduct any further strikes on ships traveling through the strait.

U.S. President Donald Trump threatened that the U.S. would target a power plant or a bridge in Iran if it attempts to strike any ship across the Strait of Hormuz. In response, Iran stated that the conflict would grow broader if the U.S. attempts to hit Iranian infrastructure.

Aside from the verbal exchange of rhetoric, the strait saw no disturbances. Shipping traffic across the Strait of Hormuz has already come to a standstill. According to data from S&P Global, the vessel traffic dropped from 16 on Monday to 10 on Tuesday.

Markets awaited a breakthrough from the attempts by Pakistan in coordination with Qatar to de-escalate tensions between the U.S. and Iran. Against this backdrop, today the Houthi militant group claimed to hit two Saudi Arabian tankers, Encelia and Layla, in the Red Sea with cruise and ballistic missiles as well as drones.

The news caused jitters in the energy markets as today's moves by the Houthis threaten to open a new front in the ongoing gulf war, Millions of barrels of crude oil passed through the Bab el-Mandeb strait to reach global markets. The strait, which serves as an alternative to the Strait of Hormuz, is a strategic link that connects the Red Sea to the Indian Ocean through the Gulf of Aden.

According to data from S&P Global, the vessel traffic has dropped from 41 on Monday to 29 on Tuesday. Trump announced through Truth Social that if Houthis conduct any further strikes, Iran would suffer a major military punishment as the U.S. would hold Iran responsible for the group's actions.

In the Black Sea, Russia's Caspian Pipeline Consortium terminal has halted receiving oil from Kazakhstan due to attacks on tankers that prompted suspension of loadings. Oil production in Kazakhstan declined after the closure of the terminal. In the U.

S., the national average for a gallon of regular gasoline is $4.09 currently, according to the American Automobile Association. With the exchange of strikes between the U.S. and Iran showing no sign of easing coupled with fresh Houthi attacks, and the resultant higher oil prices, concerns about the risk of a surge in inflation that could force central banks to hike interest rates are increasing.

The U.S. dollar index was last seen trading at 101.47, up by 0.36 (or 0.36%) today. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RTTNews

Jul 23, 2026strikeUnverifiedUSIsraelIranRussia

Gas, groceries and back-to-school items are where shoppers might see higher oil prices surface

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Oil prices exceeded $100 per barrel on Thursday amid ongoing military actions and regional instability affecting Middle East supplies, according to market reports. Brent crude, the international benchmark, last reached this level in May following a period of lower prices in June.

Sectors including food production and shipping have cited prior energy cost increases, with some businesses indicating they may pass on expenses to consumers.

Location: Strait of Hormuz

CATHY BUSSEWITZ, MAE ANDERSON and ANNE D'INNOCENZIO, AP Business Writers

Jul 23, 2026strikeUnverifiedUSIranProxy

Trump vows to punish Houthis for Red Sea attacks, as oil surges over US$100

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US President Donald Trump stated on Thursday that Iran would face major military punishment for Houthi strikes on two Saudi oil tankers in the Red Sea. Brent crude prices rose more than 6 percent and exceeded US$100 per barrel amid reports of further US air strikes on Iran and Iranian missile fire toward areas hosting US bases.

Iranian state media reported a missile impact on Qeshm Island near the Strait of Hormuz during the fifth month of the conflict.

Location: Red Sea

Reuters

Jul 23, 2026strikeUnverifiedUSIsraelIranProxy

Trump “close” to decision on “massive attack” on Iran, says US media outlet

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The US President Donald Trump says he contemplated a massive strike against Iran and this could happen in days. President Trump told Axios, a US media outlet on Thursday that he’s seriously considering restarting major combat operations in Iran — including strikes that would be bigger than the ones carried out during Operation Epic Fury.

In a brief interview, Trump acknowledged that such a decision would have consequences and stressed he hasn’t made a determination yet. Trump didn’t give a deadline for his decision. Two other U.S. officials confirmed no call has been made and no new orders have been given to the military.

The current escalation has caused oil prices to eclipse $100 per barrel. A return to all-out war is highly unpopular in the U.S. “I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it,” the president said.

Trump said Israel “would join in two minutes if I ask them to,” but added that “we don’t need anybody” to launch a new operation against Iran. He also said there would be “consequences” for Israel joining the strikes, hinting at Iranian retaliation against Israel.

Trump said the Iranians “want to negotiate” but are not ready to make a deal at the moment. “They haven’t received enough pain yet,” he said. Two regional sources with knowledge of mediation efforts said Iranian leadership hasn’t accepted the latest proposal put forward.

“We are trying, but the Iranians are not being helpful,” one of them said. The U.S. has been escalating its attacks over the past 12 days in an effort to stop Iranian attacks on commercial ships in the Strait of Hormuz. So far, Iran hasn’t shown any willingness to change course — it, too, has intensified attacks in the region.

Iran-backed Houthi rebels in Yemen have started attacking Saudi ships in the Red Sea, exacerbating tensions in another critical oil shipping route and further destabilizing the global energy market. Trump wrote on his Truth Social account that if the Houthis fire again at ships in the Red Sea, “the U.

S. will hold Iran responsible.” The Houthis, he said, are an Iranian proxy and therefore “major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves.” What to watch: Separately, Trump said Israeli Prime Minister Benjamin Netanyahu wants to attend the late Sen.

Lindsey Graham’s wake in Washington next week.

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