Why are oil prices rising again?
Around two weeks after the resumption of US and Iranian attacks in the Gulf region, the price of Brent crude reached $100 (€87.8) on July 23.
This marked a nearly one-third increase from last month's low but is still below the $126 peak reached in April at the height of the conflict.
The latest oil price surge was fueled by a major escalation in the Red Sea that could further set back efforts to export Gulf oil through alternative southern routes as the Strait of Hormuz remains effectively shut.
The Iran-backed Houthi rebels based in Yemen entered the conflict on Wednesday (July 22), claiming responsibility for attacks on two Saudi oil tankers, and have threatened to further disrupt commercial traffic in the Red Sea.
