Oil tops $ 100 as Mideast tensions escalate

Friday, 24 July 2026 00:00 - - {{hitsCtrl.values.hits}}

Brent crude briefly rose above $ 100 a barrel yesterday for the first time since May, as escalating conflict in the Middle East heightened concerns over global oil supplies and the security of key shipping routes.

The latest surge followed attacks on two Saudi oil tankers in the Red Sea, fuelling fears of further disruptions to crude shipments through strategic maritime chokepoints, including the Strait of Hormuz and the Bab el-Mandeb Strait.

Brent later pared some gains after briefly crossing the $ 100 threshold but remained at its highest level in nearly two months.