Commodities
Brent Crude Oil Surges to Near $100 Amid Red Sea Disruptions
Brent crude oil prices have surged 5.43% to reach $99.18 per barrel on July 23, 2026, marking its highest level in nearly two months.
The sudden jump is attributed to Houthi attacks on shipping in the Red Sea, which has stoked fresh concerns about supply disruptions and intensified geopolitical tensions in one of the world's most critical energy corridors.
This move catches analysts' forecasts off guard, as J.P. Morgan Global Research had previously projected Brent would average $86 per barrel in the third quarter of 2026 and $80 in the fourth quarter.