Oil Prices Soar Above $95 Amid Red Sea Tensions and Iran Concerns

WHO:

Bloomberg Markets - Yemen’s Iran-backed Houthi rebels claimed responsibility for attacks on Saudi tankers.

NBC News - U.S. officials discussed the situation regarding Iran and oil supply routes.

WHAT:

Bloomberg Markets - Brent crude oil prices rose sharply, nearing $95 a barrel.

NBC News - Oil prices surged nearly 5% due to ongoing tensions and disruptions in key supply routes.

WHERE:

Bloomberg Markets - The attacks occurred in the Red Sea, affecting Saudi tankers.

NBC News - The disruptions are impacting two of the world’s key supply routes.

WHEN:

NBC News - The U.S. downplayed the chance of new peace talks after an 11th straight night of strikes on Iran.

WHY:

NBC News - The surge in oil prices is attributed to the ongoing military actions and the potential for further disruptions in oil supply.

HOW:

Bloomberg Markets - The price increase followed post-settlement trading after the announcement of the tanker attacks.

(UPDATED July 22, 2026 23:22 UTC)

Yemen’s Iran-backed Houthi rebels have claimed responsibility for attacks on Saudi tankers in the Red Sea, leading to significant disruptions in two of the world’s key oil supply routes. As a result, Brent crude oil prices have surged nearly 5%, approaching $95 a barrel, following post-settlement trading after the announcement of these attacks. U.S. officials have discussed the situation regarding Iran and oil supply routes, while downplaying the likelihood of new peace talks after an 11th consecutive night of strikes on Iran.