Oil prices hit a six-week high on international markets, extending gains for a fifth consecutive session amid escalating Middle East tensions that have heightened concerns over deeper supply disruptions. Brent crude rose above $96 per barrel on Thursday, July 23, 2026, gaining roughly 2.5% following intensifying regional conflict.
WTI Follows Suit
U.S. West Texas Intermediate (WTI) crude traded at $88.50 per barrel, marking its fifth straight week of gains.
Escalating Rhetoric and Retaliatory Threats
Former U.S. President Donald Trump warned that the United States would strike Iranian infrastructure if Tehran attacks vessels transiting the Strait of Hormuz — a critical global oil chokepoint. In response, Iran threatened countermeasures against U.S.-linked energy assets across the region.
Houthi Attacks Raise Red Flags
Meanwhile, Iran-backed Houthi fighters launched missile and drone strikes against two Saudi Arabian tankers in the Red Sea — the first direct attacks on oil tankers along this maritime corridor. The incident has raised alarms about the viability of the Red Sea as an alternative export route for Saudi crude, especially amid ongoing instability around the Strait of Hormuz.
New Front Opens Amid Sustained Strikes
The escalation has opened a new front in the broader conflict, increasing risks to shipping through both the Red Sea and the Strait of Hormuz. U.S. forces carried out airstrikes on Iranian-linked targets for the 12th consecutive day, while both Washington and Tehran continued to downplay prospects for diplomatic negotiations.