Global oil prices climbed toward the $ 100-per-barrel mark on Thursday as renewed fighting between the United States and Iran heightened fears of prolonged supply disruptions across the Middle East, sending energy markets sharply higher.
Checks by Nairametrics on July 23 showed that Brent crude was trading at $98.47 per barrel, representing a 4.68% increase, while West Texas Intermediate (WTI) crude gained $3.28 to trade at $90.11 per barrel at the time of reporting.
The latest rally follows the collapse of the ceasefire between the United States and Iran, with hostilities resuming across the region.
The renewed conflict has been compounded by Iran’s continued closure of the Strait of Hormuz, one of the world’s busiest oil transit routes, while Iran-backed Houthi militants have intensified attacks in the Red Sea, threatening another critical shipping corridor used to transport crude oil and other commodities from Saudi Arabia and the wider Gulf region.
What are they Saying
The renewed attacks by Yemen’s Iran-backed Houthi movement have opened another front in the conflict, further unsettling global energy markets already grappling with disruptions in the Strait of Hormuz.
The group claimed responsibility for missile and drone attacks targeting two Saudi oil tankers in the Red Sea, marking its first assault on commercial shipping in several months.
Saudi authorities confirmed that one refined-products tanker came under attack near the country’s southern coast, while the Houthis said they also targeted a crude oil carrier.
Although the extent of the damage remains unclear, the attacks have heightened concerns over the security of the Bab el-Mandeb Strait, another vital maritime chokepoint linking the Red Sea to the Gulf of Aden. The threat has prompted some shipping companies to divert vessels away from the area, adding to fears of tighter global oil supplies and pushing crude prices higher.
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