Brent crude ripped higher on July 23, climbing roughly 5% in a single session to hit intraday highs near $98 per barrel. That puts oil at its highest level since May, and uncomfortably close to the triple-digit threshold that makes central bankers lose sleep.
The catalyst: Yemen’s Iran-backed Houthi militants launched drone and missile strikes on two Saudi oil tankers in the Red Sea, claiming the vessels violated a maritime blockade.
A five-session winning streak with geopolitical fuel
The surge didn’t come out of nowhere. Brent crude had already been climbing for five consecutive sessions heading into Wednesday’s spike, powered by renewed US military actions targeting Iran and growing fears of broader supply disruptions across the Middle East.
This latest escalation fits into a pattern that’s defined 2026’s oil market. Back in March, Brent crude blew past $100 per barrel for the first time since 2022 during the Strait of Hormuz crisis, eventually peaking at $126.
