EconomyPublished: 24 July 2026 at 12:36

Oil prices top $100 a barrel for first time since May amid Middle East tensions

Brent crude surged above $100 a barrel as tensions escalate in the Middle East, with threats to shipping in the Red Sea and Strait of Hormuz.

Global oil prices have surged once again, with Brent crude climbing above $100 a barrel for the first time since May. The increase comes as tensions in the Middle East continue to escalate. While much attention has been on the strategic Strait of Hormuz, shipping through the Red Sea is also facing growing threats after Yemen's Iran-backed Houthi rebels claimed they targeted two Saudi oil tankers. The escalation coincides with US President Donald Trump stating he is considering a 'massive attack' on Iran. In response, Tehran warned it would hold accountable any country that supports a US strike.

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