Brent Crude Hits $100 a Barrel on Red Sea, Iran Supply Threats
Bloomberg 2026-07-23 13:04:00
Context: Brent crude oil prices surged to $100 a barrel for the first time in two months following an attack by Iran-backed Houthi militants on two Saudi Arabian tankers in the Red Sea. The incident escalated tensions in the Middle East, raising concerns about potential supply disruptions. The attack occurred in the Red Sea, a critical waterway for oil shipments.
Key Facts
- Brent crude oil prices reached $100 a barrel for the first time in two months on July 23, 2026, following the attack on Saudi Arabian tankers.
- The attack was carried out by Iran-backed Houthi militants, who claimed responsibility for targeting two Saudi Arabian tankers in the Red Sea.
- The incident has raised concerns about potential supply disruptions in the Middle East, a region critical to global oil production and shipping.