Global Oil Prices Cross $100 Per Barrel as West Asia Conflict Escalates
By The Nation WAVE Desk | July 23, 2026
International benchmark Brent crude oil surged past the psychologically crucial $100 per barrel mark on Thursday, hitting its highest level since late May. The sharp rally comes amid intensifying military conflict in West Asia and direct threats to vital global energy routes in the Red Sea.
Key Highlights:
Benchmark Spike: Brent crude jumped over 6% during Thursday’s trading session to cross $100.14 per barrel, while US West Texas Intermediate (WTI) climbed nearly 5% to trade past $90.98 per barrel.
Red Sea Escalation: The immediate catalyst for the price surge was an attack on two Saudi oil tankers in the Red Sea, for which Yemen’s Houthi group claimed responsibility.
Chokepoint Crisis: With traffic through the Strait of Hormuz already experiencing severe slowdowns due to broader US-Iran hostilities, the Red Sea route—used extensively by Saudi Arabia to bypass Hormuz—is now under active threat.
Inflation Concerns: Financial analysts warn that crude breaching $100 could trigger a fresh wave of global fuel price hikes, pushing up transportation costs and daily consumer inflation.
