For the first time in 60 days.. Oil price breaches $100

July 23, 2026 - 17:09 | Last update July 23, 2026 - 17:12

Brent crude futures rose by $5.63 or 5.98% to $99.95. (Traded).

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Oil prices rose today by about 6%, as the price of Brent crude surpassed $100 per barrel for the first time in two months, at a time when the United States launched a new round of strikes on Iran, and the Houthis in Yemen targeted ships in the Red Sea.

By 13:08 GMT, Brent crude futures rose by $5.63 or 5.98% to $99.95, and the price of Brent crude increased by more than $3 to $94.07 at settlement in the previous session.

American Strikes

The price of West Texas Intermediate crude rose by $3.99 or 4.6% to $90.81 after rising by about 3% yesterday (Wednesday).

The US military announced that it carried out strikes against Iran for the twelfth consecutive night, hours after President Donald Trump threatened to destroy a bridge or power station in Iran every time it fired on a ship in the Strait of Hormuz, escalating tensions in the conflict.

Safety of the Saudi Ship «ENCELIA»

The Iranian Revolutionary Guard stated that an oil tanker caught fire following an explosion while attempting to pass through what it described as a mined route south of the Strait of Hormuz, adding that two other tankers turned back.

The spokesperson for the Iranian Revolutionary Guard warned shipping companies in a post on X platform that the southern route of the Strait of Hormuz is mined.

Meanwhile, a responsible source in the General Transport Authority in Saudi Arabia stated that the ship (ENCELIA), belonging to a Saudi company, was targeted while sailing in the Red Sea, resulting in a fire at the front of the ship.

The source confirmed the safety of all crew members, and that all relevant authorities took all necessary measures to secure the ship and its crew and protect the marine environment.

Oil prices rose today by about 6%, as the price of Brent crude surpassed $100 per barrel for the first time in two months, at a time when the United States launched a new round of strikes on Iran, and the Houthis in Yemen targeted ships in the Red Sea.

By 13:08 GMT, Brent crude futures rose by $5.63 or 5.98% to $99.95, and the price of Brent crude increased by more than $3 to $94.07 at settlement in the previous session.

American Strikes

The price of West Texas Intermediate crude rose by $3.99 or 4.6% to $90.81 after rising by about 3% yesterday (Wednesday).

The U.S. military announced that it carried out strikes against Iran for the twelfth consecutive night, hours after President Donald Trump threatened to destroy a bridge or power station in Iran every time it fired on a ship in the Strait of Hormuz, escalating tensions in the conflict.

Safety of the Saudi Ship "ENCELIA"

The Iranian Revolutionary Guard stated that an oil tanker caught fire following an explosion while attempting to pass through what it described as a mined route south of the Strait of Hormuz, adding that two other tankers turned back.

The spokesperson for the Iranian Revolutionary Guard warned shipping companies in a post on X platform that the southern route of the Strait of Hormuz is mined.

A responsible source in the General Transport Authority in Saudi Arabia stated that the ship (ENCELIA), belonging to a Saudi company, was targeted while sailing in the Red Sea, resulting in a fire at the front of the ship.

The source confirmed the safety of all crew members and that the relevant authorities took all necessary measures to secure the ship and its crew and protect the marine environment.

Oil prices, Brent crude, rise