Oil Prices Surpass $100 as Houthi Attacks and US-Iran Tensions Drive Global Markets

On July 23, 2026, oil prices surpassed $100 for the first time since May, with Brent crude rising more than 5% on Thursday. The surge followed reports that Yemen’s Houthi militia had struck Saudi Arabian oil tankers in the Red Sea, according to Al Jazeera. The Guardian noted that the benchmark oil price rose sharply due to fears that Houthi attacks could disrupt Saudi exports, compounded by intensifying US-Iran tensions over oil flows through the Strait of Hormuz. The BBC reported that the price of Brent crude rose more than 5% on Thursday, while the Guardian stated that the benchmark price had reached $95 a barrel the day before. Al Jazeera and the Guardian provided differing specifics on the causes of the price surge, with the former citing Houthi attacks on Saudi tankers and the latter emphasizing fears of supply disruptions and US-Iran tensions. The divergence in reporting highlights the complexity of the geopolitical factors influencing global oil markets.