Oil surges past $100 in a first since May as Middle East conflicts rage

Oil prices rise for a fifth day after Yemen’s Houthis say they struck Saudi Arabian oil tankers in the Red Sea.Published On 23 Jul 202623 Jul 2026The widening conflict in the Middle East has pushed the price of benchmark Brent crude past $100 for the first time since May, the highest in nearly two months.Oil prices increased for a fifth day on Thursday after Yemen’s Houthis said they struck Saudi Arabian oil tankers in the Red Sea amid escalating violence between Iran and the United States.Recommended Stories list of 4 itemslist 1 of 4How shipping insurance rates are rising, as Hormuz, Bab al-Mandeb shut downlist 2 of 4Yemen faces a new challenge amid prospects of confrontationlist 3 of 4Yemen’s Houthis claim attack on two Saudi oil tankerslist 4 of 4Iran, Gulf hit as Hormuz, Bab al-Mandeb close: What’s the latest?end of listThe latest attacks by the Houthis risk further disrupting global oil shipping as the Red Sea is another strategic waterway that oil companies use to transport their crude from the Middle East as the Strait of Hormuz – a key route for global energy shipments – remains effectively closed.The prospect of higher oil prices also raises the possibility of higher infl...