Oil Surges to $100 a Barrel Amid Red Sea Tensions and Threats

WHO:

CNBC - An unnamed Iranian military source warned that if the U.S. targets a bridge or power plant in Iran, Iran will retaliate against infrastructure and bridges in the region, including energy facilities where the U.S. has interests.

BBC News - Iran-backed Houthi militants

CNBC - President Trump

CNBC - An unnamed Iranian military source

WHAT:

CNN - Gas prices are now solidly above $4, and diesel is above $5.20 a gallon.

CNN - The U.S. Strategic Petroleum Reserve has been drawn down by 116 million barrels since the spring to its lowest level since 1983.

CNN - U.S. commercial inventories are nearing their operational minimums, at which point oil companies cannot force oil through the pipelines with gravity alone.

CNN - The amount of oil in global storage has tumbled by 1.3 billion barrels over the past five months.

CNN - China has about three to four months before it needs to increase its oil imports.

CNN - Oil could test those 2022 highs above $120 a barrel by October, according to Daan Struyven, head of oil research at Goldman Sachs.

CNN - If a full regional war breaks out, oil could set a new record above $150 a barrel, according to Helima Croft, head of global strategy at RBC Capital Markets.

BBC News - The price of Brent crude rose more than 5%.

CBS News US - Global oil prices hit $100 a barrel.

Bloomberg Markets - Brent crude hit $100 a barrel for the first time in two months.

CNBC - The strike on the tanker sparked a fire onboard that the crew was fighting, although there were no reported casualties.

CNBC - The Houthis claimed they targeted two Saudi Arabian oil tankers with drones and missiles for allegedly violating their maritime blockade.

CNBC - If confirmed, the attack would be the first since the Iran-backed militant group announced a naval blockade against Saudi Arabia.

CNBC - Trump stated, "From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT."

CNBC - Iran responded by warning it would retaliate against U.S.-linked infrastructure and energy assets across the region if Washington carried out those strikes.

CBS News US - The last time global oil prices settled above $100 was on May 22, according to data from FactSet.

Bloomberg Markets - Brent crude hit $100 a barrel for the first time in two months after Iran-backed Houthi militants claimed to have attacked two Saudi Arabian tankers in the Red Sea.

NBC News - Oil prices surged as Congress debated funding related to the Iran war.

Bloomberg Markets - Brent crude hit $100 a barrel for the first time in two months, marking a significant increase amid escalating tensions in the Middle East.

CNBC - Brent crude futures for July delivery gained 4.6% to $98.44 per barrel, marking their highest level since late May.

CNBC - U.S. West Texas Intermediate crude futures advanced around 3.8% to $90.14 per barrel, their highest since June 8.

CNBC - The price rise put Brent crude futures on course for a monthly gain of 35.3%, the third-biggest monthly jump in the past 10 years.

CNBC - WTI futures were also on course for their third-largest monthly rise in a decade, with a monthly increase of about 30%.

CNBC - The VLCC Mobassa B was struck by Iranian cruise missiles while transiting the Strait of Hormuz, as reported by the UAE defense ministry.

Bloomberg Markets - Brent crude hit $100 a barrel for the first time in two months after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea.

CNBC - The United Kingdom Maritime Trade Operations posted on social media platform X that a tanker was hit around 70 nautical miles southwest of Al Shuqaiq.

CNBC - The strike sparked a fire onboard that the crew was fighting, although there were no reported casualties.

CNBC - The strike on the tanker sparked a fire onboard that the crew was fighting, although there were no reported casualties.

CNBC - The Houthis claimed they targeted two Saudi Arabian oil tankers with drones and missiles for allegedly violating their maritime blockade.

CNBC - If confirmed, the attack would be the first since the Iran-backed militant group announced a naval blockade against Saudi Arabia.

BBC News - The price of Brent crude rose more than 5%.

CBS News US - Global oil prices hit $100 a barrel.

Bloomberg Markets - Brent crude hit $100 a barrel for the first time in two months.

CNBC - Brent crude futures for July delivery gained 4.6% to $98.44 per barrel.

CNBC - U.S. West Texas Intermediate crude futures advanced around 3.8% to $90.14 per barrel.

CNBC - Brent crude futures were on course for a monthly gain of 35.3%.

CNBC - WTI futures were on course for their third-largest monthly rise in a decade, with a monthly increase of about 30%.

CNBC - A tanker was hit around 70 nautical miles southwest of Al Shuqaiq.

CNBC - The Houthis claimed they targeted two Saudi Arabian oil tankers with drones and missiles.

WHERE:

The Washington Post - At least one Saudi oil tanker was attacked in the Red Sea.

Bloomberg Markets - Red Sea

CNBC - Strait of Hormuz

CNBC - 70 nautical miles southwest of Al Shuqaiq

WHEN:

CNBC - The VLCC Mobassa B was previously named Front Forth and was in Rotterdam, Netherlands, on August 18, 2024.

CBS News US - The last time global oil prices settled above $100 was on May 22.

CNBC - The VLCC Mobassa B was previously named Front Forth and was in Rotterdam, Netherlands, on August 18, 2024.

WHY:

ABC News Business - Consumers may experience higher prices for groceries and back-to-school items due to the increase in oil prices surpassing $100 a barrel.

CNBC - Iran warned it would retaliate against U.S.-linked infrastructure and energy assets across the region if Washington carried out strikes in response to the attacks.

Bloomberg Markets - The escalation of the Middle East conflict and threats of deeper supply disruptions.

CNBC - Trump warned the U.S. would destroy an Iranian bridge or power plant for each attack on a ship in the Strait of Hormuz.

HOW:

CNBC - Trump warned the U.S. would destroy an Iranian bridge or power plant each time Tehran attacks a ship in the Strait of Hormuz, signaling a further escalation in tensions following the collapse of the U.S.-Iran ceasefire.

CNBC - The Houthis claimed to have used drones and missiles to attack the tankers.

CNBC - Trump stated that the U.S. would bomb and destroy one bridge or power plant in response to Iranian attacks.

(UPDATED July 24, 2026 14:31 UTC)

Gas prices have surged above $4 a gallon, with diesel now exceeding $5.20, as the U.S. Strategic Petroleum Reserve has been depleted by 116 million barrels, reaching its lowest level since 1983. Meanwhile, U.S. commercial inventories are nearing their operational minimums, which could hinder oil companies' ability to transport oil effectively. Experts suggest that oil prices could test the highs of 2022, surpassing $120 a barrel by October, and if a regional conflict escalates, prices might even exceed $150 a barrel.

(UPDATED July 24, 2026 13:24 UTC)

Global oil prices have surged, with Brent crude rising more than 5% to hit $100 a barrel for the first time in two months. This spike follows a reported attack by the Houthis on two Saudi Arabian oil tankers, which they claim were targeted for violating their maritime blockade, although there were no casualties from the incident. In response to the escalating tensions, Trump stated that any attack by Iran on ships in the Strait of Hormuz would result in the U.S. bombing and destroying a bridge or power plant, prompting Iran to warn of retaliation against U.S.-linked infrastructure in the region.

(UPDATED July 24, 2026 05:50 UTC)

Brent crude oil prices have surged to $100 a barrel for the first time in two months following an attack on at least one Saudi oil tanker in the Red Sea by Iran-backed Houthi militants. This spike in oil prices comes as Congress is currently debating funding related to the Iran war, and it may lead to higher costs for consumers, particularly affecting groceries and back-to-school items. The last time global oil prices settled above $100 was on May 22, according to data from FactSet.

(UPDATED July 24, 2026 00:16 UTC)

Brent crude has surged to $100 a barrel for the first time in two months, driven by rising tensions in the Middle East, while futures for July delivery climbed 4.6% to $98.44 per barrel, marking their highest level since late May. U.S. West Texas Intermediate crude also saw a significant increase, advancing around 3.8% to $90.14 per barrel, its highest since June 8, with both benchmarks on track for their third-largest monthly gains in a decade. In related news, Trump declared that any attack by Iran on ships in the Strait of Hormuz will result in the U.S. bombing and destroying one bridge or power plant.

(UPDATED July 23, 2026 22:19 UTC)

An unnamed Iranian military source has issued a warning that if the U.S. targets any infrastructure in Iran, such as bridges or power plants, Iran will retaliate against regional infrastructure, including energy facilities linked to U.S. interests. This comes after the VLCC Mobassa B, previously known as Front Forth, was struck by Iranian cruise missiles while navigating the Strait of Hormuz, according to the UAE defense ministry. Iran's warning emphasizes the potential for significant escalation, stating that it will respond to any U.S. strikes in retaliation for these attacks.

(UPDATED July 23, 2026 20:19 UTC)

Brent crude prices surged to $100 a barrel for the first time in two months after Iran-backed Houthi militants claimed responsibility for attacking two Saudi Arabian tankers in the Red Sea. The United Kingdom Maritime Trade Operations reported that one tanker was struck approximately 70 nautical miles southwest of Al Shuqaiq, igniting a fire onboard that the crew is currently battling, though no casualties have been reported. In response to these developments, Trump warned that the U.S. would retaliate by destroying an Iranian bridge or power plant each time Tehran attacks a ship in the Strait of Hormuz, indicating a significant escalation in tensions following the breakdown of the U.S.-Iran ceasefire.

(UPDATED July 23, 2026 16:23 UTC)

A recent attack on two Saudi Arabian oil tankers by the Houthis has sparked a fire onboard one vessel, although thankfully, there are no reported casualties. This incident marks a potential escalation, as it would be the first strike since the Iran-backed group announced a naval blockade against Saudi Arabia, and Iran has warned of retaliation against U.S.-linked assets in the region if strikes occur in response. In a strong statement, Trump emphasized that any future attacks by Iran on ships in the Strait of Hormuz would prompt the U.S. to bomb and destroy one bridge or power plant.

(UPDATED July 23, 2026 14:43 UTC)

In a significant escalation of tensions, Iran-backed Houthi militants claimed responsibility for drone and missile attacks on two Saudi Arabian oil tankers in the Red Sea, prompting a spike in global oil prices that reached $100 a barrel for the first time in two months. President Trump responded by warning that the U.S. would retaliate against Iran by destroying a bridge or power plant for each attack on ships in the Strait of Hormuz. As a result of these developments, Brent crude futures saw a remarkable monthly gain of 35.3%, while U.S. West Texas Intermediate crude futures were on track for their third-largest monthly rise in a decade, increasing by about 30%.