RismadarVoice Reporters, July 23, 2026
Global oil prices climbed above $100 per barrel on Thursday following renewed attacks on oil tankers in the Red Sea, raising fears of further disruptions to global energy supplies amid escalating tensions in the Middle East.
Brent crude, the international oil benchmark, rose by more than 7.5 per cent to trade above $101 per barrel, its highest level in nearly two months.
United States West Texas Intermediate (WTI) crude also recorded sharp gains for the second consecutive day, climbing more than 6.5 per cent to over $92 per barrel, its highest level since June.
The latest price surge followed claims by Iran-backed Houthi rebels that they had attacked two Saudi oil tankers in the Red Sea after announcing a naval blockade targeting the kingdom.
The development has heightened concerns that the conflict could spread beyond the Strait of Hormuz to the Bab el-Mandeb Strait, one of the world’s busiest maritime trade routes.
Industry estimates indicate that between 12 and 15 per cent of global maritime trade, valued at more than $1 trillion annually, passes through the Bab el-Mandeb corridor, making any disruption a significant threat to global energy markets.
Since the beginning of July, crude oil prices have risen by about 35 per cent, bringing total gains for the year to more than 60 per cent.
The increase in crude prices has also pushed up fuel costs, with the average price of gasoline in the United States rising to $4.09 per gallon, according to data from the American Automobile Association (AAA).
The latest escalation comes after the collapse of a memorandum of understanding reached between the United States and Iran in June, which had briefly eased concerns over regional stability.
President Donald Trump on Wednesday warned that the United States would retaliate against Iran for attacks on commercial shipping, threatening strikes on key Iranian infrastructure if further incidents occur.
Hours later, the Houthis claimed responsibility for attacks on two Saudi oil tankers operating in the Red Sea.
The United Kingdom Maritime Trade Operations (UKMTO) also confirmed that a commercial tanker was struck by an unidentified projectile north of the Bab el-Mandeb Strait.
Saudi authorities separately reported that one of the affected tankers, Encelia, caught fire during the attack while sailing through the Red Sea.
Analysts say the renewed tensions have intensified inflation concerns globally, with rising energy costs expected to increase transportation and production expenses.
The uncertainty also weighed on financial markets, with major US stock indices posting losses. The S&P 500 fell by more than 1.3 per cent, while the Nasdaq Composite declined by about 2.5 per cent, amid investor concerns over rising inflation and geopolitical risks.
Economists warn that continued disruptions to oil supply routes could further increase energy prices and place additional pressure on global economic growth.
