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Brent Crude Hits $100 a Barrel on Red Sea, Iran Supply Threats

Bloomberg Markets Thursday 23 July 2026, 13:04 UTC By Grant Smith 1 min read
Key Points

Brent Crude Hits $100 a Barrel on Red Sea, Iran Supply Threats Brent crude hit $100 a barrel for the first time in two months after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea, escalating the Middle East conflict and threatening deeper supply disruptions. The strikes by the Yemen-based group open a new front in a regional conflict that had already snarled traffic through the Strait of Hormuz, the gateway to the Persian Gulf, following a flare-up...

Brent Crude Hits $100 a Barrel on Red Sea, Iran Supply Threats Brent crude hit $100 a barrel for the first time in two months after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea, escalating the Middle East conflict and threatening deeper supply disruptions. The strikes by the Yemen-based group open a new front in a regional conflict that had already snarled traffic through the Strait of Hormuz, the gateway to the Persian Gulf, following a flare-up in hostilities between the US and Iran. Exports through the Bab el-Mandeb Strait at the bottom of the Red Sea have been a lifeline for oil exports since the beginning of the conflict.
Brent Crude (PERSON) Red Sea (LOCATION) Iran (LOCATION) Houthi (ORG) Saudi Arabian (ORG) the Red Sea (LOCATION) Middle East (LOCATION) Yemen (LOCATION) the Strait of Hormuz (LOCATION) the Persian Gulf (LOCATION) US (LOCATION) the Bab el-Mandeb Strait (LOCATION)
Originally published by Bloomberg Markets Read original →

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