{"id":5187,"date":"2026-07-23T17:09:13","date_gmt":"2026-07-23T17:09:13","guid":{"rendered":"https:\/\/metrotransitreview.com\/?p=5187"},"modified":"2026-07-23T17:09:13","modified_gmt":"2026-07-23T17:09:13","slug":"brent-crude-oil-surges-to-100-a-barrel-for-first-time-since-may-after-reports-of-red-sea-attacks","status":"publish","type":"post","link":"https:\/\/metrotransitreview.com\/?p=5187","title":{"rendered":"Brent crude oil surges to $100 a barrel for first time since May after reports of Red Sea attacks"},"content":{"rendered":"
\n

Brent crude oil surged Thursday to $100 a barrel for the first time since May following reported Houthi attacks on vessels in the Red Sea \u2013 fueling concerns that global energy supplies could get even more badly disrupted.<\/p>\n

Read more Trump warns US will hit Houthis in Yemen after they fire at two Saudi ships<\/a><\/p>\n

Brent crude oil prices had soared 7.1% to $100.74 a barrel as of about 10:50 a.m. ET, while West Texas Intermediate crude jumped 5.3% to $91.40 \u2013 setting the benchmarks up for huge monthly gains of roughly 40% and 30%, respectively.<\/p>\n

Oil prices were already climbing this week as traders grew concerned over a breakdown in peace talks between the US and Iran and renewed hostilities in the Strait of Hormuz, a vital maritime route for 20% of the world\u2019s oil supplies that has been largely blockaded for months.<\/p>\n

Reports of fresh strikes in the Red Sea raised new fears that a second critical shipping route through the Bab el-Mandeb Strait, which carries about 7% of global oil supplies, could also be compromised \u2013 multiplying what is already the world\u2019s worst-ever supply disruption.<\/p>\n

The United Kingdom Maritime Trade Operations posted on social media Thursday that a tanker was hit around 70 nautical miles off the coast of Saudi Arabia, sparking a fire onboard that the crew was fighting.<\/p>\n

There were no reported casualties.\u00a0<\/p>\n

Yemen\u2019s Houthis, an Iranian-backed militant group, claimed the attack, saying they fired at two vessels in the Red Sea for allegedly violating their maritime blockade against Saudi Arabia.<\/p>\n

Joe Adamski, managing director of ProcureAbility, a supply chain consultancy, told The Post it is \u201cdifficult to say for sure\u201d where oil prices are headed since it is \u201cunclear if the Houthis can maintain any kind of a blockade or effectively target shipping and\/or Saudi export infrastructure.\u201d<\/p>\n

\u201cIf the shooting continues, pricing will stay above $100, probably into the $110 to $120 range,\u201d Adamski said. \u201cIf that stabilizes or appears manageable, I\u2019d expect to see mid-$80s.\u201d<\/p>\n

Jeff Krimmel, founder of Krimmel Strategy, warned that oil prices could keep rising as long as fighting continues in the Red Sea and the Persian Gulf, and both sides continue to trade threats.<\/p>\n

\u201cWhen the direction of travel is toward more conflict, as it is right now, there is no safe ceiling above oil prices,\u201d he told The Post.<\/p>\n

\u201cFor oil prices to drop, we would need indications of real ongoing diplomacy between the US and Iran,\u201d though a \u201crobust agreement\u201d is not necessary, Krimmel added.<\/p>\n

Read more US beefs up military might in Middle East after unleashing powerful B-1 bombers to attack Iran<\/a><\/p>\n

\u201cThe market has been clear it will give both sides the benefit of the doubt. We simply need to see a meaningful embrace of diplomacy for oil prices to drop.\u201d<\/p>\n

The Houthi attacks have not yet been independently confirmed.<\/p>\n

President Trump on Thursday vowed to hold Iran responsible for any attacks by the Houthis \u2013 saying he was \u201cvery disappointed with\u201d the rebels who \u201chave, until now, acted very professionally and smart\u201d during the war with Tehran, which began Feb. 28.<\/p>\n

\u201cPlease let this TRUTH serve to represent that if they do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and\/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves,\u201d the president wrote in a Truth Social post.<\/p>\n

Secretary of State Marco Rubio told reporters in the Philippines on Thursday that the Houthis were making a mistake getting involved in the Middle East conflict, saying they had been \u201csmart\u201d to largely stay out of the war with Iran.<\/p>\n

He claimed that one of the vessels struck by the Houthis had actually been \u201cflagged Chinese,\u201d so the militant organization has risked angering another major world power.<\/p>\n

The reported Red Sea attacks came just hours after Trump threatened to destroy an Iranian bridge or power plant each time Iran fires at a ship in the Strait of Hormuz, further escalating tensions.<\/p>\n

\n<\/div>\n

Tehran responded that it would retaliate against US-affiliated infrastructure and energy assets throughout the region if Washington carries out such strikes.<\/p>\n

Traders have grown more concerned about a lasting energy crisis since Trump earlier this month announced a ceasefire deal with Iran was \u201cover,\u201d saying he no longer wanted to deal with \u201csick people.\u201d<\/p>\n

On Wednesday, Rubio said Iran was not being \u201cserious\u201d about reaching a peace agreement.<\/p>\n

Read more Secret Service suspends agent accused of leaking JD Vance\u2019s travel details<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Brent crude oil on Thursday surged to $100 a barrel for the first time since May after reported Houthi attacks on vessels in the Red Sea \u2013 fueling concerns that global energy supplies could be even more badly disrupted.<\/p>\n","protected":false},"author":1,"featured_media":5186,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-5187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nBrent crude oil surges to $100 a barrel for first time since May after reports of Red Sea attacks - Metro Transit Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/metrotransitreview.com\/?p=5187\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent crude oil surges to $100 a barrel for first time since May after reports of Red Sea attacks - 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