WASHINGTON – World’s energy markets are once again on edge. As conflict intensifies across the Middle East and vital oil shipping routes come under threat, Brent crude surged past $100 a barrel for the first time in the last two months, reviving fears of another global energy shock.
Global oil prices surged above $100 per barrel for the first time since May as escalating hostilities in the Middle East triggered fresh fears of a major disruption to global energy supplies, sending shockwaves through international markets.
Brent crude, the global benchmark for oil prices, jumped more than 5% on July 23, extending a sharp rally that started after the US intensified military operations against Iran. Traders are increasingly pricing in the risk of prolonged instability across one of the world’s most critical oil-producing regions.
| Last | Change | % Change |
| WTI Crude | 91.47 | +4.61 |
| Brent Crude | 100.25 | +6.18 |
| Murban Crude | 105.40 | +15.93 |
| Natural Gas | 2.930 | +0.005 |
| Gasoline | 3.456 | +0.042 |
The latest spike follows series of attacks by Yemen’s Iran-backed Houthi rebels on oil tankers in the Red Sea, threatening one of the region’s most strategic export corridors. The waterway has become increasingly important for Saudi Arabia as an alternative shipping route to the Strait of Hormuz.
Houthis claimed responsibility for striking two Saudi oil tankers, Encelia and Layla, with ballistic missiles, cruise missiles and armed drones. The group alleged that one of the vessels caught fire during the assault after violating what it described as its naval blockade in the Red Sea.
Iran’s Islamic Revolutionary Guard Corps (IRGC) said three oil tankers attempting to pass through the Strait of Hormuz turned back after an explosion aboard one vessel ignited a fire, raising fresh concerns over the security of one of the world’s busiest energy chokepoints.
The worsening security situation has also fueled a rally in natural gas markets. The UK benchmark gas price has climbed to around 150 pence per therm, up sharply from approximately 98 pence per therm recorded on June 26, highlighting growing concerns over global fuel supplies.
Efforts to calm tensions have shown little progress. A temporary ceasefire between Washington and Tehran has collapsed, while US Secretary of State Marco Rubio said Iranian leaders were “not ready to make a deal,” dimming hopes for a diplomatic breakthrough.
Oil prices have experienced dramatic swings throughout the year. Brent crude first crossed the $100-per-barrel threshold in March after US and Israeli strikes on Iran severely disrupted energy exports through the Strait of Hormuz. Prices later surged to nearly $126 per barrel in April before retreating below $100 in late May.
US deploys additional special operations forces to ME amid potential action against Iran
