strikeJul 23, 2026

Brent crude oil price surges past $100 as Houthi tanker attacks in Red Sea rattle markets

Summary

The latest jump came after Tehran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea. The group had earlier announced a naval blockade on the kingdom. As on 23 Jul 2026, 01:30 AM IST S&P 500 Top Gainers S&P 500 Top Losers The attacks appeared to mark a widening of the conflict. Since the Iran war began, vessel attacks had largely been concentrated around the Strait of Hormuz. The latest claims suggest the threat may now be spreading to the Red Sea, opening another front for oil markets to worry about. The Red Sea route is important because millions of barrels of oil pass through the Bab el-Mandeb strait on their way to global markets. The waterway also carries about 12-15% of global maritime trade, worth more than $1 trillion a year. It has also been used as an alternative route while traffic through the Strait of Hormuz remains disrupted. Ship crossings through Hormuz fell to single digits on Tuesday. Oil prices have now risen about 35% since the start of the month. They are up more than 60% so far this year. The rise in crude has also pushed up fuel prices. The national average price of gasoline in the US rose to $4.09 a gallon on Thursday from $4.06 on Wednesday, according to AAA data tracked by NBC News. The price rise has erased much of the relief that followed a memorandum of understanding signed by the US and Iran in mid-June. That agreement has now collapsed. President Donald Trump on Wednesday threatened to target an Iranian bridge or power plant for every vessel attacked by Tehran. Hours later, the Houthis claimed they had hit two tankers in the Red Sea. The United Kingdom Maritime Trade Operations said a tanker had been struck by an unknown projectile north of the Bab el-Mandeb strait. Saudi state media also reported that the tanker Encelia was set ablaze in an overnight Red Sea attack, citing an unidentified transport authority source. The report did not mention the Layla. The oil surge has also fed concerns about inflation and pushed bond yields higher. The US 10-year Treasury yield traded at 4.67% early Thursday, its highest level since January 2025. (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Actors involved

USIranProxy

Sources

Akash PodishettiBy Akash Podishetti
The latest jump came after Tehran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea. The group had earlier announced a naval blockade on the kingdom. As on 23 Jul 2026, 01:30 AM IST S&P 500 Top Gainers S&P 500 Top Losers The attacks appeared to mark a w…

See this event through different lenses

Compare how Western, Iranian, Israeli, Global South, and Pro-Peace perspectives frame this event.

Compare Perspectives

Community Notes

Loading notes...

Related events

Jul 23, 2026strikeUnverifiedUSIsraelIran

UK 'ready to defend itself' after Iran says bases are 'legitimate targets'

○ 1 source

The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

Location: Iran

Sean Seddon

Jul 23, 2026strikeUnverifiedUSIsraelIran

Four House Republicans Break Ranks To Help Democrats Pass Iran War Powers Resolution

○ 1 source

The U.S. House of Representatives passed a concurrent war powers resolution on Thursday by a 214-208 vote, with four Republicans joining Democrats in support. The measure, sponsored by Rep. Pramila Jayapal (D-Wash.), seeks to restrict U.S. military operations involving Iran but carries no binding legal effect as it does not require presidential signature.

The vote occurred amid reported U.S. casualties from joint U.S.-Israel strikes on Iran that began in February.

Location: Iran

Tyler Durden

Jul 23, 2026strikeUnverifiedUSIsraelIranRussia

From gas to grocery aisles: How higher oil prices will hit your wallet

○ 1 source

Oil prices for Brent crude exceeded $100 per barrel on Thursday amid renewed military strikes and fighting in the Middle East that have reportedly disrupted supplies. This followed a period of lower prices after a temporary easing of U.S.-Iran hostilities in June, with the benchmark last reaching that level in May.

Sector representatives, including Miguel Gomez of Cornell University’s Food Industry Management Program, have stated that prior energy cost increases linked to earlier U.S. and Israeli actions against Iran have raised expenses for producers and shippers, with potential effects on consumer prices.

Location: Strait of Hormuz

Cathy Bussewitz

Jul 23, 2026strikeUnverifiedUSIsraelIranProxyRussiaChina

India's oil routes under pressure as second West Asia chokepoint shuts

○ 1 source

Three oil tankers carrying Saudi crude, identified as the Xin Long Yang, the Rodos, and the Amazon, reportedly reversed course in the Red Sea this week. The vessels’ actions followed a Houthi declaration of a naval blockade on Saudi ports and warnings to shipping companies against loading or discharging cargo there, amid Houthi control of parts of Yemen’s Red Sea coast.

These events have raised concerns over potential disruptions to energy routes, including reported mining activity in the Strait of Hormuz.

Location: Strait of Hormuz

Dipanjan Roy Chaudhury