Oil prices remain elevated, with Brent crude climbing above $100 per barrel on Thursday, 23 July 2026 — its highest level in months — as escalating tensions across the Middle East stoke fears of deeper global supply disruptions. With the United States launching its 13th consecutive day of strikes against Iran, markets are pricing in heightened risk, anticipating further energy supply volatility as the regional crisis intensifies.
Friday Trading: Brent Surges, WTI Gains Steadily
On Friday, 24 July 2026, Brent crude traded at $101 per barrel and higher, heading toward double-digit weekly gains. Meanwhile, U.S.-based West Texas Intermediate (WTI) held steady near $92 per barrel, having already posted weekly gains exceeding 12%.
No Near-Term Diplomatic Relief in Sight
With both the U.S. and Iran ruling out short-term negotiations, market conditions show no signs of easing in the immediate term. Former U.S. President Donald Trump warned of severe military consequences for Iran and the Houthi movement following any further attacks on vessels in the Red Sea — and indicated he is considering large-scale military action against Iran.
Houthi Attacks Disrupt Critical Routes
Trump’s remarks followed recent attacks by Iran-backed Houthi militants on two Saudi Arabian oil tankers in the Red Sea — a vital alternative export route for Saudi oil, especially as hostilities continue to disrupt traffic through the Strait of Hormuz.
Asian Buyers Explore Alternative Routes
Analysts report that Asian buyers have begun discussing rerouting Saudi crude shipments via the Suez Canal and around the Cape of Good Hope — a longer and more costly path, but increasingly necessary amid mounting risks in traditional corridors.
Caspian Pipeline Consortium Halts Exports
In another sign of widening disruption, the Caspian Pipeline Consortium (CPC) — responsible for roughly 80% of Kazakhstan’s oil exports — suspended loading operations at its Black Sea terminal following attacks on tanker vessels. The move underscores how conflict-related risks are now affecting energy infrastructure far beyond the immediate Middle East flashpoints.