Brent crude oil surged 5.43% to reach $99.18 a barrel on July 23, 2026, marking its highest level in nearly two months as Houthi attacks on shipping in the Red Sea stoked fresh concerns about supply disruptions.
The jump reflects intensifying geopolitical tensions in one of the world’s most critical energy corridors. According to reporting from multiple outlets, Houthi militants have escalated attacks on commercial tankers traversing the Red Sea, forcing vessels to take longer, costlier alternate routes around Africa and raising the prospect of further supply constraints on global oil markets.
The surge extends a pattern of volatility that began in early July. Earlier this month, Brent crude surged past $91 as U.S.-Iran conflict escalates, and the benchmark had previously jumped when Brent crude oil surged past $77 as Trump ends Iran deal in early July. Each spike reflected fresh military action or diplomatic breakdown in the Middle East and its spillover effects on shipping.
The latest move catches analysts’ forecasts off guard. In late June, J.P. Morgan Global Research had projected Brent would average $86 per barrel in the third quarter of 2026 and $80 in the fourth quarter, assuming a gradual normalization of supply. That forecast now appears increasingly optimistic given the renewed Red Sea disruptions and broader geopolitical instability.
The price action underscores how vulnerable global energy markets remain to supply shocks. Brent had traded around $70 a barrel in January 2026 before climbing sharply through the spring and early summer as US-Iran tensions mounted. The latest jump demonstrates that even as some earlier crises (such as a brief US-Iran ceasefire in June) temporarily eased prices downward, new flashpoints can quickly reverse those gains.
Energy analysts and market participants are watching whether prices can hold near $100 or whether they will retreat once the immediate Red Sea tensions ease. The outcome will have broad implications for inflation, airline costs, and consumer energy prices in the months ahead.
Sources
- Trading Economics — Brent crude oil price data showing $99.18 on July 23, 2026, up 5.43% from the previous day
- Wall Street Journal — Oil prices surge toward $100, highest in nearly two months, July 23, 2026
- NBC News — Oil prices rose on Red Sea attacks and geopolitical concerns, July 23, 2026
- Quartz — Brent crude jumped nearly 5% to close in on $100 after Houthi Red Sea tanker attacks, July 23, 2026
- Reuters Breakingviews — Brent crude rose to $98 on fears of Houthi tanker attacks, July 23, 2026
- J.P. Morgan Global Research — Brent crude forecast to average $86 per barrel in Q3 2026 and $80 in Q4
- Financial Times — Brent crude rising from just above $70 a barrel earlier in 2026
