Oil Prices Top $100 Amid Houthi Attacks on Saudi Tankers
7 verified4 unconfirmed3 contested
Oil prices surged past $100 per barrel on Thursday, their highest level in nearly two months, after Houthi rebels attacked two Saudi oil tankers in the Red Sea. The strikes opened a new front in the escalating Middle East conflict, threatening severe disruptions to global energy supplies. Share prices fell on both sides of the Atlantic as investors weighed the risk of renewed inflation and higher borrowing costs. Government bond yields also rose, with the U.S. 10-year Treasury and UK 10-year borrowing yields climbing to multi-month highs. The attacks followed the collapse of a memorandum of understanding between the United States and Iran, which had briefly eased tensions. Markets had hoped for a ceasefire, but fresh hostilities have reignited fears of oil climbing even higher.
What’s verified
Oil prices rose above $100 a barrel on July 23, 2026, for the first time in about two months.
Houthi rebels claimed responsibility for attacking two Saudi oil tankers, the Encelia and Layla, in the Red Sea using missiles and drones.
One of the tankers, the Encelia, was reported to be ablaze from the attack.
The attacks mark an escalation in the conflict beyond the Strait of Hormuz, threatening another major oil trade artery.
Stock markets fell, with the tech-heavy Nasdaq sliding more than 2% and the S&P 500 dropping over 1.3%.
Government bond yields rose on both sides of the Atlantic, reflecting fears that higher oil prices could rekindle inflation.
A memorandum of understanding between the U.S. and Iran had collapsed, contributing to the renewed tensions.
Where accounts differ
One source reported the benchmark oil price rose from $95 to $100 a barrel, while another stated Brent crude rose more than 7.5% to over $101 per barrel.
One source said the UK 10-year yield rose above 5.1%, while another reported the U.S. 10-year Treasury was trading at 4.7%.
One source stated the Houthis claimed responsibility for attacks on both the Encelia and Layla, while another said the state-run Saudi Press Agency reported the Encelia was set ablaze but did not mention the Layla.
Not yet confirmed
The exact price levels for U.S. crude oil: one source reported it rose to almost $93 per barrel, while the other did not specify a U.S. crude figure.
The specific impact on U.S. gas prices: one source said the national average rose to $4.09 per gallon on Thursday.
The role of UK domestic politics: one source mentioned investor jitters over the new prime minister Andy Burnham’s tax and spending plans.
The extent of damage to the tankers: one source reported the Encelia was struck and ablaze, but the condition of the Layla was not confirmed by that source.
Key figures
Chris Beauchamp, chief market analyst at IG trading platform
Fatih Birol, head of the International Energy Agency
Jim Reid, global head of macro research at Deutsche Bank
President Donald Trump
Prime Minister Andy Burnham
Sources: The Guardian, NBC News
