Oil surges toward $96 amid Red Sea attacks

July 23, 2026 (MLN): Oil prices climbed on Thursday, reaching their highest level in over six weeks, after Yemen's Houthi forces struck tankers in the Red Sea and Washington carried out another wave of strikes against Iran.

Currently, Brent crude futures is up, 3.46%, at $95.88 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $2.33, or 2.71%, to $88.16 per barrel by [09:51 am] PST.

Tehran's Revolutionary Guards reported that a tanker caught fire following an explosion after it attempted to navigate what the Guards called a mined route south of the Strait of Hormuz, adding that two other vessels had reversed course.

The Guards further stated that the strait remained under their control and was effectively sealed off for the duration of continued US military activity in the region, cautioning that no vessel would be permitted to pass without Iranian clearance, according to Reuters.

Beyond the escalating dispute over the strategically vital strait, the Houthis aligned with Iran  have opened a second front, threatening tankers carrying Saudi crude through the Bab el-Mandeb strait and announcing a naval blockade targeting Saudi Arabia.

The US military confirmed it had carried out its twelfth straight night of strikes on Iranian targets, coming shortly after President Donald Trump pledged that a bridge or power plant in Iran would be destroyed each time Iranian forces fired on a vessel transiting the Strait of Hormuz  a warning that marks a further escalation in the confrontation between Washington and Tehran.

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