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

What the report says

Al Jazeera, citing AFP and Reuters, reported that benchmark Brent crude climbed above $100 a barrel on Thursday, July 23, 2026, its first move past that level since late May and the highest price in nearly two months. The increase marked a fifth straight day of gains and came as conflicts in the Middle East raised concerns about the security of major energy shipping routes.

The report said Yemen’s Houthis claimed they had attacked two Saudi Arabian oil tankers in the Red Sea, with a Saudi news agency later confirming that one vessel was on fire after an assault. The attacks followed Houthi warnings of a naval blockade affecting Saudi shipments through the Bab al-Mandeb strait. Al Jazeera also reported that renewed fighting between Iran and the United States has left a mid-June ceasefire effectively collapsed, while the Strait of Hormuz remains closed or severely disrupted.

The developments matter because the Red Sea, Bab al-Mandeb and Strait of Hormuz are important corridors for crude and other energy shipments from the Middle East. Disruption in those waterways can tighten supply expectations, raise transportation risks and feed through to fuel prices. Analysts cited in the report warned that more expensive oil could add to inflation pressures and complicate interest-rate decisions.

Al Jazeera said Goldman Sachs projected Brent could rise above $120 a barrel in the fourth quarter and average $100 next year if disruption in the Strait of Hormuz continues, with pressure around Bab al-Mandeb and the Suez Canal adding to market stress. The bank also expected prices to hold much of their recent rise through July and August as inventories decline.