Oil Prices Inch Closer To $100 A Barrel-Mark, Highest Since May, As War Escalates
Oil Prices Inch Closer To $100 A Barrel-Mark, Highest Since May, As War Escalates Published By, Last Updated: July 23, 2026, 16:22 IST Oil prices
Oil Prices Inch Closer To $100 A Barrel-Mark, Highest Since May, As War Escalates Published By, Last Updated: July 23, 2026, 16:22 IST Oil prices have risen as America and Iran have traded not just barbs but also missiles in the Gulf region. With investors growing weary, know how futures for brent crude are moving Oil prices have risen sharply on Thursday to reach the closest they have been to the $100-a-barrel mark since May. (Image courtesy: Reuters) Oil prices surged sharply on Thursday, moving closer to the $100-per-barrel mark for the first time since May. Futures for Brent crude, the global benchmark, jumped about 3%, touching as high as $97.45 per barrel in early trade, The Guardian reported. The spike comes amid rising fears that the ongoing US war in Iran is widening beyond its initial theatre. Markets reacted quickly as reports signalled growing instability across key energy routes, pushing traders to price in fresh supply risks. War Fallout Drives Market Panic The latest rally in oil prices is directly tied to the escalating war situation in West Asia, involving the United States, Israel and Iran.
What began as targeted military action has now triggered broader geopolitical tensions across the Gulf. Investors fear that any disruption to oil production or transport in the region could tighten global supply. Iran sits at the heart of critical energy corridors, and even the perception of risk has historically been enough to drive prices upward. As reported by MS Now, the current surge reflects not just immediate supply concerns but also uncertainty about how far the conflict could spread. With no clear signs of de-escalation, markets are bracing for prolonged volatility. Red Sea Threat Adds New Pressure Concerns deepened further as tensions spilled into the Red Sea, a vital shipping route for global trade. The emerging threat from Houthi forces targeting vessels near the Bab el-Mandeb strait has added a new layer of risk. This narrow chokepoint connects the Red Sea to the Gulf of Aden and is crucial for oil shipments heading toward Europe and beyond in the West and towards South and East Asia in the East.
Any restriction or disruption here could significantly impact global supply chains. The possibility of restricted maritime traffic has amplified fears already triggered by the Gulf conflict. Traders now see a dual risk: production disruptions in the Gulf and transport bottlenecks in the Red Sea. Together, these developments have pushed oil prices to their highest levels in months. With Brent crude nearing the $100 mark again, the market is signalling deep concerns over a conflict that is no longer contained, but steadily expanding across the region and disrupting their trade with the rest of the world. News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit Key Questions Answered Will oil prices reach $100 per barrel soon? Oil prices have recently surpassed $100 per barrel due to escalating conflicts and threats to key shipping routes. Brent crude futures reached as high as $97.45 per barrel on Thursday, July 23, 2026, nearing the $100 mark. How will Red Sea tensions affect global trade?
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