Oil prices have risen for a fifth consecutive day, surpassing $100 per barrel for the first time since May, driven by escalating conflicts in the Middle East. Yemen’s Houthis claimed responsibility for striking two Saudi Arabian oil tankers in the Red Sea on Thursday, July 23, 2026. A Saudi news agency confirmed that one of the vessels was ablaze following the attack.

The Houthis’ actions represent a potential new front in the ongoing conflict between Iran and the United States, as they targeted vessels carrying Saudi oil in the Bab al-Mandeb strait and warned of a naval blockade on shipments from Saudi Arabia.

These developments have contributed to rising shipping insurance rates and disruptions in key maritime routes, including the Strait of Hormuz and Bab el-Mandeb Strait. Financial firm Goldman Sachs projected that Brent crude prices could exceed $120 a barrel in the fourth quarter and average $100 next year if the Strait of Hormuz remains disrupted, with additional tensions around the Bab el-Mandeb Strait and the Suez Canal exacerbating the crisis.

The widening conflict and attacks on oil shipments have heightened concerns over global oil supply stability amid ongoing geopolitical tensions in the region.

Sources