Oil prices surge toward triple digits after Red Sea attacks

Brent Crude Tops US$100 After Red Sea Attacks Markets Key Facts —The level. Brent crude rose above US$100 a barrel, its first time since May, up about 40% this month. —The trigger. Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, enforcing a declared blockade of Saudi ports.

—The wider risk. Shipping through the Strait of Hormuz has slowed sharply, deepening supply fears. —The politics. The US said it would hold Iran responsible for further attacks; Iran warned it would retaliate. —The forecast. Analysts see room for more gains; Goldman Sachs projects Brent above US$120 by the fourth quarter if disruptions persist.

Oil is back in triple digits. Brent crude topped US$100 a barrel for the first time since May after attacks on shipping in the Red Sea, a jump with real consequences for Latin America’s oil exporters and importers alike. After months in the doldrums, oil prices have surged.

Brent crude climbed past US$100 a barrel, a level not seen since May, capping a rally of roughly 40% in July. The spark was violence at sea. What Happened Yemen’s Houthis fired missiles and drones at Saudi oil tankers in the Red Sea to enforce a blockade of Saudi ports, with at least one tanker attacked and several diverting course.

The trouble compounded a near-halt in shipping through the Strait of Hormuz, the chokepoint for a large share of the world’s oil, sending traders scrambling to price in the risk. The Escalation Risk President Donald Trump said the United States would hold Iran responsible for further Houthi attacks and warned of strikes on Iranian infrastructure; Iran said it would retaliate against US-linked assets in the region.

Analysts warn prices could rise further if the conflict widens, with Goldman Sachs projecting Brent above US$120 a barrel by the fourth quarter should supply disruptions continue. Live Market IntelligenceCommodities — Live Market Board Rio Times · Live Market Intelligence Commodities — Live Market Board +7.

05% |Instrument||Last||Change||YoY||Prev.||High||Low||Volume| |GOLD||4,054||-2.25%||+19.43%||4,147||4,144||4,043||130,481| |SILVER||58.02||-3.34%||+47.70%||60.02||60.36||57.32||29,261| |BRENT||100.70||+7.05%||+46.99%||94.07||87.22||85.01||38,512| |WTI||92.

46||+6.48%||+41.70%||86.83||92.82||87.32||287,920| |COPPER||6.34||-1.71%||+9.42%||6.45||6.54||6.33||31,416| |LITHIUM||69.28||+0.41%||+59.37%||69.00||69.68||68.65||90,092| |IRON ORE||161.91||—||+64.76%||161.91||161.91||1| |SOY||1,244||+0.91%||+23.71%||1,233||1,249||1,236||105,716| |CORN||487.

25||+5.47%||+22.27%||462.00||489.50||483.00||155,223| |WHEAT||700.00||-0.81%||+29.51%||705.75||710.25||693.00||58,614| |COFFEE||308.90||-2.45%||+2.51%||316.65||321.30||308.25||11,172| |SUGAR||14.67||-0.47%||-9.67%||14.74||14.90||14.66||36,829| |COCOA||5,308||-0.

38%||-37.11%||5,328||5,411||5,165||12,463| |ORANGE JUICE||145.05||-3.49%||-56.90%||150.30||148.80||144.10||241| |COTTON||81.53||+2.08%||+22.38%||79.87||81.75||79.75||15,710| |BEEF||220.70||-1.12%||-2.79%||223.20||221.90||217.38||14,536| |CATTLE||339.

48||-0.50%||+2.40%||341.17||340.50||333.00||7,417| |USD/BRL||5.08||+0.56%||-8.65%||5.05||5.09||5.04||—| 100.70 +7.05% 92.46 +6.48% 487.25 +5.47% 145.05 -3.49% 58.02 -3.34% 308.90 -2.45% 4,054 -2.25% 81.53 +2.08% What It Means for Latin America For the region’s oil exporters, higher prices are a windfall.

Brazil, Guyana, Colombia, Ecuador and Venezuela all earn more for every barrel they sell abroad. For importers, the math runs the other way: pricier crude feeds into fuel and freight costs across Central America, the Caribbean and beyond, adding to inflation pressures.

Why It Matters Oil at US$100 reshapes trade balances and budgets across Latin America in opposite directions, rewarding producers and squeezing consumers. How long the spike lasts will depend less on the region than on what happens next in the Red Sea and the Gulf.

Frequently Asked Questions Why did Brent crude rise above US$100? Prices jumped after Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, compounded by a sharp slowdown in shipping through the Strait of Hormuz, raising fears over global oil supply.

How high could oil go? Analysts say prices could climb further if the conflict continues. Goldman Sachs projects Brent above US$120 a barrel by the fourth quarter if supply disruptions persist. How does US$100 oil affect Latin America? It benefits exporters like Brazil, Guyana, Colombia, Ecuador and Venezuela, which earn more per barrel, while raising fuel and freight costs for importers across Central America and the Caribbean.

Sources - The National – Oil hits $100 for the first time since May after Houthi attacks on Saudi ships - OilPrice – Brent Tops $100 as Houthi Attacks Push Oil Rally Into Triple Digits Connected Coverage - Spain’s Repsol Bets on Venezuela Oil, Parks $5.

4Bn Debt - Batista Brothers Expand Venezuela Oil Bet With PDVSA Stake - Brent Punches $111 After Trump Aims Arrows at Tehran on Truth Social Sources: Goldman Sachs.

A memorandum of understanding between the United States and Iran was signed on June 17, extending a ceasefire after weeks of military confrontation and including provisions to reopen negotiations. Shipping data showed roughly 340 commercial vessels transiting the Strait of Hormuz in the week of 22–28 June, with reported increases in oil flows and Iranian exports under a temporary sanctions waiver.

Within weeks, vessel traffic reportedly declined again as military exchanges resumed and mediators sought an additional truce to support the original agreement.

Brent crude oil prices rose more than 13% this week, exceeding $100 per barrel after reports that Yemen’s Houthi forces warned shipping companies against using Saudi ports and threatened targets in the Bab al-Mandab strait. The increase followed earlier declines linked to reduced traffic through the Strait of Hormuz amid an apparent breakdown in the US-Iran ceasefire.

Analysts have stated that further disruptions to Red Sea routes could affect remaining Gulf export pathways, though the extent of any sustained price impact remains unconfirmed.

Former UK ambassador Craig Murray stated in a Sputnik interview that the United States, as a net oil exporter, would not be significantly harmed by oil supply disruptions from a closure of the Strait of Hormuz and could benefit if such disruptions affected competitors including China and India.

Murray compared the scenario to the 2022 Nord Stream pipeline incident. He also referenced US strikes on Iran that reportedly began on July 8.